What Is Market? Meaning, Types Or Classification Of Market

What is Market? Meaning

Usually, Market agency a house where buyer as well as seller meets together inward lodge to deport on transactions of goods as well as services.

But inward Economics, it may hold out a place, maybe may non be. In Economics, marketplace position tin be fifty-fifty without direct contact of buyer as well as seller. This fact tin hold out explained alongside the assistance of the next statement.

Image credits © Uncle Buddha.

"Market refers to an arrangement, whereby buyers as well as sellers come upward inward contact alongside each other straight or indirectly, to purchase or sell goods."

Thus, higher upward contestation indicates that confront to confront contact of buyer as well as seller is non necessary for market. E.g. In stock or part market, the buyer as well as seller tin deport on their transactions through internet. So internet, hither forms an organisation as well as such organisation likewise is included inward the market.

Classification or Types of Market

The classification or types of marketplace position are depicted inward the next chart.

Image credits © Prof. Mudit Katyani.

Generally, the marketplace position is classified on the footing of:

1. Place,
2. Time and
3. Competition.

On the footing of Place, the marketplace position is classified into:

1. Local Market or Regional Market.
2. National Market or Countrywide Market.
3. International Market or Global Market.

On the footing of Time, the marketplace position is classified into:

1. Very Short Period Market.
2. Short Period Market.
3. Long Period Market.
4. Very Long Period Market.

On the footing of Competition, the marketplace position is classified into:

1. Perfectly Competitive Market Structure.
2. Imperfectly Competitive Market Structure.

Both these marketplace position structures widely differ from each other inward honor of their features, price, etc. Under imperfect competition, at that topographic point are unlike forms of markets similar monopoly, duopoly, oligopoly as well as blogspot.com//search?q=monopolistic-competition-meaning">monopolistic competition.

1. A monopoly has exclusively 1 or a unmarried (mono) seller.
2. Duopoly has ii (duo) sellers.
3. Oligopoly has picayune or fewer (oligo) publish of sellers.
4. Monopolistic contest has many or several numbers of sellers.

The suffix poly has its root from Greek give-and-take Polus which agency many or to a greater extent than than one.