Define a market . Name different kinds of markets.
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A market is a place having shops selling vegetables, clothes, stationery, etc. A market can be defined as a place where buyers and sellers engage in the activity of sale and purchase of goods. Different kinds of markets are - (i) Wholesale Market. (ii) Retail Market.
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A market is a place where people go to buy or sell things. When people have products to sell, they set up a market place. ... When things are sold, people buy the product, and this "stimulates the economy" (helps people to spend and earn money). The market needs to balance supply and demand.
The five major market system types are:-
- Perfect Competition with Infinite Buyers and Sellers.
- Monopoly with One Producer.
- Oligopoly with a Handful of Producers.
- Monopolistic Competition with Numerous Competitors.
- Monopsony with One Buyer.
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