Question

classify the market ???​

Answer 1

Answer:

When we talk about a market we generally visualize a crowded place with a lot of consumers and a few shops. People are buying various goods like groceries, clothing, electronics, etc.

And the shops are also selling a variety of products and services as well. So in a traditional sense, a market is where buyers and seller meet to exchange goods and services.

But what is a market in economics? In economics, we do not refer to a market as a physical place. Economists will describe a market as coming together of the buyers and sellers, i.e. an arrangement where buyers and sellers come in direct or indirect contact to sell/buy goods and services.

For example, the market for mobile will constitute all the sellers and buyers of mobile phones in an economy. It does not necessarily refer to a geographic location.

Let us then list a few features of a market,

In economics, the term market will refer to the market for one commodity or a set of commodities. For example a market for coffee, a market for rice, a market for TV’s, etc.

A market is also not restricted to one physical or geographical location. It covers a general wide area and the demand and supply forces of the region.

There must be a group of buyers and sellers of the commodity to constitute a market. And the relations between these sellers and buyers must be business relations.

Both the sellers and buyers must have access to knowledge about the market. There should be an awareness of the demand for products, consumer choices, and preferences, fashion trends, etc.

At any given time only one price can be prevalent in the market for the goods and services. This is only possible in the existence of perfect competition.

Answer 2

Answer:

Markets can be classified on different bases of which most common bases are: area, time, transactions, regulation, and volume of business, nature of goods, and nature of competition, demand and supply conditions. ... Traditionally, a market was a physical place where buyers and sellers gathered to buy and sell the goods.