Concept of MARKET : Meaning, Definitions, Classification or Types ofMarket and Importance of Market

In this article we will discuss about market, its types or its classification. We will also study Concept of MARKET : Meaning, Definitions, Classification or Types of Market and Importance of Market with advantages and disadvantages.

Concept of MARKET : Meaning, Definitions, Classification or Types of Market and Importance of Market

MARKET

Market is a place where forces of demand and supply operate, and where buyer and supplier meet together the transactions of goods and services.

It is a mechanism where transactions are exchanges to satisfy human needs and wants. Market defines the sum total of all the buyers and sellers in the area or region under consideration. The area may be the earth, or countries, regions, states, or cities.

The value, cost and price of items traded are as per forces of supply and demand in a market. It is a place where customer satisfied all needs by exchange of money. The market may be a physical entity, or may be virtual. It may be local or global, perfect and imperfect.

“Market refers to an arrangement, whereby buyers and sellers come in contact with each other directly or indirectly, to buy or sell goods.”

In market there is no need of face to face contact between buyer and seller. For e.g. in stock market there is no face to face contact of buyer and seller but transaction carry on through internet. There is an agreement between buyer and seller and transaction took place.

Classification or Types of Market

Market is generally classified on the basic of:

  1. Place
  2. Time
  3. Competition

On the basic of Place

1.Local Market:

When the competition between purchaser and seller is localisation and limited at a specific market then it is called Local Market. In this market mostly perishable goods are purchased and sold.

2.Regional Market:

In this market sale and purchase of articles is localisation to state only and not outside the state.

3.National Market:

It is that market in which the demand of the goods is in the nation as a whole where you are living.

4.International Market:

If the competition of goods is world-wide, the market will be International. Gold and silver are examples of commodities that possess an international market.

On the basic of Time

  1. For very short period Market.
  2. For short Period Market.
  3. For Long Period Market.
  4. Very Long Period Market.

On the Basic of Competition

  1. Perfectly competitive
  2. Imperfectly competitive

Importance of Market

  1. Interaction between buyer and seller

Market is a place where forces of demand and supply operate, and where buyer and supplier meet together the transactions of goods and services.

  1. Develop Economy

Market is a mechanism where buyer and seller meets and helps in development of economy.

  1. Market Competition

In market there is different seller with different product and those sellers have competition between them, so there is a market competition between different persons.

  1. Satisfaction of human wants

Market is a place where different goods and services are available and seller’s competitors are also available and satisfy the human wants.

  1. Availability of goods and services

Market is a place where different sellers with different product are available and demand and supply operates and provides goods and services.

So we have studied Concept of MARKET : Meaning, Definitions, Classification or Types of Market and Importance of Market and if you have any query please let us know in the comments section.

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