What is Market? Meaning
Usually, Market agency a house where buyer together with seller meets together inwards social club to comport on transactions of goods together with services.
But inwards Economics, it may hold upward a place, peradventure may non be. In Economics, marketplace tin laissez passer on the axe be fifty-fifty without guide contact of buyer together with seller. This fact tin laissez passer on the axe hold upward explained amongst the aid of the next statement.
Image credits © Uncle Buddha.
"Market refers to an arrangement, whereby buyers together with sellers come upward inwards contact amongst each other straight or indirectly, to purchase or sell goods."
Thus, higher upward arguing indicates that appear upward to appear upward contact of buyer together with seller is non necessary for market. E.g. In stock or percentage market, the buyer together with seller tin laissez passer on the axe comport on their transactions through internet. So internet, hither forms an scheme together with such scheme likewise 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:
- Place,
- Time and
- Competition.
On the footing of Place, the marketplace is classified into:
- Local Market or Regional Market.
- National Market or Countrywide Market.
- International Market or Global Market.
On the footing of Time, the marketplace is classified into:
- Very Short Period Market.
- Short Period Market.
- Long Period Market.
- Very Long Period Market.
On the footing of Competition, the marketplace is classified into:
- Perfectly Competitive Market Structure.
- Imperfectly Competitive Market Structure.
Both these marketplace structures widely differ from each other inwards honor of their features, price, etc. Under imperfect competition, at that spot are dissimilar forms of markets similar monopoly, duopoly, oligopoly together with monopolistic competition.
- A monopoly has entirely 1 or a unmarried (mono) seller.
- Duopoly has 2 (duo) sellers.
- Oligopoly has niggling or fewer (oligo) release of sellers.
- Monopolistic contest has many or several numbers of sellers.
The suffix poly has its root from Greek discussion Polus which agency many or to a greater extent than than one.
