What is Market? Meaning
Usually, Market agency a house where buyer as well as seller meets together inward lodge to behave on transactions of goods as well as services.
But inward Economics, it may survive a place, mayhap may non be. In Economics, marketplace tin sack be fifty-fifty without direct contact of buyer as well as seller. This fact tin sack survive explained amongst the help of the next statement.
Image credits © Uncle Buddha.
"Market refers to an arrangement, whereby buyers as well as sellers come upward inward contact amongst each other direct or indirectly, to purchase or sell goods."
Thus, inward a higher house controversy indicates that confront to confront contact of buyer as well as seller is non necessary for market. E.g. In stock or portion market, the buyer as well as seller tin sack behave on their transactions through internet. So internet, hither forms an organisation as well as such organisation every bit good is included inward the market.
Classification or Types of Market
The classification or types of marketplace are depicted inward the next chart.
Image credits © Prof. Mudit Katyani.
Generally, the marketplace is classified on the solid put down of:
- Place,
- Time and
- Competition.
On the solid put down of Place, the marketplace is classified into:
- Local Market or Regional Market.
- National Market or Countrywide Market.
- International Market or Global Market.
On the solid put down of Time, the marketplace is classified into:
- Very Short Period Market.
- Short Period Market.
- Long Period Market.
- Very Long Period Market.
On the solid put down of Competition, the marketplace is classified into:
- Perfectly Competitive Market Structure.
- Imperfectly Competitive Market Structure.
Both these marketplace structures widely differ from each other inward observe of their features, price, etc. Under imperfect competition, in that location are dissimilar forms of markets similar monopoly, duopoly, oligopoly as well as blogspot.com//search?q=monopolistic-competition-meaning">monopolistic competition.
- A monopoly has entirely ane or a unmarried (mono) seller.
- Duopoly has 2 (duo) sellers.
- Oligopoly has fiddling or fewer (oligo) release of sellers.
- Monopolistic contest has many or several numbers of sellers.
The suffix poly has its rootage from Greek give-and-take Polus which agency many or to a greater extent than than one.
