Explain the concept of market. give criteria for the classification of market.
Friday, March 17, 2023
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Question: Explain the concept of market. give criteria for the classification of market.
A market refers to the arrangement where buyers and sellers interact to exchange goods and services. The market can be classified based on several criteria, including the type of product, the level of competition, the number of buyers and sellers, the geographical location, and the time duration of transactions. For example, a monopolistic market has a single seller for a unique product, while a perfectly competitive market has many buyers and sellers for a homogenous product. Similarly, a local market operates within a specific geographic area, while an international market involves transactions between different countries.
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