Q. 3. Answer the following questions in brief : (Any THREE) (1) Explain the concept of market and the types of market on the basis of place. Thanni of Welfare. Explain the scope of
Answers
Economists 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.
Types of market on the basis of place:
Local Markets: In such a market the buyers and sellers are limited to the local region or area. They usually sell perishable goods of daily use since the transport of such goods can be expensive.
Regional Markets: These markets cover a wider are than local markets like a district, or a cluster of few smaller states
National Market: This is when the demand for the goods is limited to one specific country. Or the government may not allow the trade of such goods outside national boundaries.
International Market: When the demand for the product is international and the goods are also traded internationally in bulk quantities, we call it an international market.