Question

Classify markets on the basis of geographical area.

Answer 1

Answer:

Classification of markets on the basis of geographical area :

1. Local Market : The market limited to a certain place of a country is called local market. This type of market locates in certain place of city or any area and supplies needs and wants of the local people. Perishable consumer products such as milk, vegetables, fruits, etc are sold and bought in local markets.
2. Regional Market : The market which is not limited to a certain place but expanded in regional level is called regional market. Mostly, food grains such as wheat, paddy, maize, millet, sugar, oil etc are bought and sold in such regional market.
3. National Market : If buying and selling of some products is done in the whole nation, this is called national market. The products such as clothes, steel, cement, iron, tea, coffee, soap, cigarette, etc are bought and sold nationwide.
4. International Or Global Market : Market cannot be limited to any geographical border of any country. If the goods produced in a country are sold in different countries, this is called international market. today, not any country of the world is self-dependent. All the countries are exporting the goods produced in other countries. The market of some goods such as gold, silver, tea, clothes, machines and machinery, medicines etc. has spread the world over.

Answer 2

Answer:

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There are 4 types of market on the basis of geographical area.

1)Local Market:- In this type of market,sales and purchase to a local area.Eg. village,town,city etc.

2)Regional Market:- Buying and selling restricted to a particular region.Eg.Northern India.

3)National market:- Buying and selling restricted to a particular country.Eg.India.

4)International Market:- Buying or selling beyond a particular country.Eg.The European Union.

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