Question

explain the types of market with its feature?

Answer 1

Usually, Market means a place where buyer and seller meets together in order to carry on transactions of goods and services.
But in Economics, it may be a place, perhaps may not be. In Economics, market can exist even without direct contact of buyer and seller. This fact can be explained with the help of the following statement.

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

Thus, above statement indicates that face to face contact of buyer and seller is not necessary for market. E.g. In stock or share market, the buyer and seller can carry on their transactions through internet. So internet, here forms an arrangement and such arrangement also is included in the market.

Classification or Types of Market


The classification or types of market are depicted in the following chart.