(9)What is meant by market?
(10) For what reason has the market of perishable commodities like vegetables, milk etc become
national or international?
(11) When is there possibility of expansion – contraction of demand?
Answers
Answer:
9) A market is a place where buyers and sellers can meet to facilitate the exchange or transaction of goods and services. ... Other examples include the black market, auction markets, and financial markets. Markets establish the prices of goods and services that are determined by supply and demand.
10)Perishable foods are foods like fresh meat, seafood, and ripe fruits. While non-perishable are items that do not spoil or decay. for example; canned goods, all pasta types, sugar, flour, curls (and chips if air-sealed), spices are non perishable as well.
11)Expansion of demand refers to the period when quantity demanded is more because of the fall in prices of a product. However, contraction of demand takes place when the quantity demanded is less due to rise in the price o a product.
Answer:
9) Definition: A market is defined as 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. The market may be a physical entity, or may be virtual. It may be local or global, perfect and imperfect.
Description: What are the different types of markets?
A market can be called the 'available market' - that of all the people in the area. Within the available market, there is the 'market minimum'- or the market size, which will buy goods without any marketing effort. This is the lowest sale that a company could get without any action on its part. In today's world, this level is sinking ever lower.
Markets
There is also the 'market potential', which is the maximum market size that will buy goods when subjected to the greatest marketing action that a company can do. Beyond this market potential, the costs outweigh the gains. The market potential is therefore the upper limit for a marketplace and sales.
10) The following points highlight the five main categories for classification of market.
1. On the Basis of Place or Area:
Under this area following markets have been included:
(i) Local market
When the competition between purchaser and seller is localised and limited at a specific market then it is called Local Market. In this market mostly perishable goods are purchased and sold.
For example:
Sale of vegetable, fish, eggs, milk etc.
(ii) Regional market,
In this market sale and purchase of articles is localised to state only and not outside the state.
(iii) National market,
It is that market in which the demand of the goods is in the nation as a whole where you are living.
For example:
Hindi book in India can have national market. Outside India you may not have market of Hindi books.
(iv) 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.
11) Expansion of demand refers to the period when quantity demanded is more because of the fall in prices of a product. However, contraction of demand takes place when the quantity demanded is less due to rise in the price o a product.