What Is Market? Meaning, Types Or Classification Of Market

What is Market? Meaning

Usually, Market agency a house where buyer together with seller meets together inwards social club to bear on transactions of goods together with services.

But inwards Economics, it may hold out a place, maybe may non be. In Economics, marketplace tin be fifty-fifty without ask contact of buyer together with seller. This fact tin hold out explained amongst the assistance of the next statement.

Image credits © Uncle Buddha.

"Market refers to an arrangement, whereby buyers together with sellers come upwards inwards contact amongst each other ask or indirectly, to purchase or sell goods."

Thus, higher upwards disputation indicates that aspect upwards to aspect upwards contact of buyer together with seller is non necessary for market. E.g. In stock or part market, the buyer together with seller tin bear on their transactions through internet. So internet, hither forms an scheme together with such scheme besides is included inwards the market.

Classification or Types of Market

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

Image credits © Prof. Mudit Katyani.

Generally, the marketplace is classified on the footing of:

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

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

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

Both these marketplace structures widely differ from each other inwards abide by of their features, price, etc. Under imperfect competition, in that location are dissimilar forms of markets similar monopoly, duopoly, oligopoly together with monopolistic competition.

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

The suffix poly has its rootage from Greek discussion Polus which agency many or to a greater extent than than one.