Definition of market

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market Photo by Clem Onojeghuo on Unsplash

Market is a physical place or a virtual place accessible through the internet where sellers and buyers of particular products or services can interact directly or through intermediaries to trade at prices determined by the forces of demand and supply.

Market facilitates a transaction to take place. It should have the potentials of
(1) convenient way to offer products and services by sellers,
(2) determining the price of product and services it is offering,
(3) easily accessible product information,
(4) hassle free transaction system and
(5) distribution support etc.

Types of Market

Market can be of different types, and inline with the change of lifestyle and by the bless of internet new type of market is emerging. For example, we can refer Cryptocurrency market. Following are common market types:

  • Physical market or Traditional market
  • Online or Virtual market
  • Factor market or Market for Intermediate goods
  • Financial market
  • Auction market
  • Knowledge market
  • Black market

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