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Markets Everywhere – Definition, Types, Examples

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  • Last Updated : 02 Aug, 2022
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A market is a place where sellers and buyers can meet to facilitate the exchange or transaction of services and goods. The market can be physical, like a retail store, or virtual, like an electronic merchant.  The market determines the prices of goods and services, which are determined by supply and demand.

Types of Markets

  1. Weekly Markets: Markets are held every week on a specific day of the week. Example: Wednesday market, Friday market, etc.
  2. Neighborhood shops: Furthermore, they are of two types: roadside shops and permanent shops. Roadside shops include vegetable hawkers, fruit vendors, mechanics, etc. Permanent shops include grocery shops, departmental stores, dairy, stationery, etc.
  3. Shopping complexes and malls: In urban areas, if a building consists of many buildings, then this building will be known as a shopping complex. In urban areas, malls are buildings that consist of large multi-story air-conditioned rooms with shops on different floors.

Markets Everywhere

  • All markets work in space at specific times and in specific ways.
  • Trading is done in a variety of ways, not necessarily through trading in the market.
  • There are even markets that we may not know about. There are many products that are not used directly, so I buy and sell them. For example, car factories buy engines, parts, transmissions, gas tanks, axles, wheels, and so on. from various other factories. However, we do not know the manufacturers and sellers involved.
  • These days, you can order a variety of things over the phone or internet and the goods will be delivered to your home. For Example- Flipkart, Amazon, and many more.

Chains of Markets

As a product or product moves from one market to another, the set of markets is linked like a link in a chain.

It includes :

  1. Producer: The one who basically produces the goods is known as the Producer.
  2. Whole seller: The one who buys goods from a producer in a large quantity is known as the whole seller.
  3. Trader: The one who buys goods from the whole seller and then sells it to the consumer is known as a trader.
  4. Consumer: The one who buys goods from traders is known as the consumer.

For Example:

  1. A farmer will produce vegetables in a large quantity and
  2. Then a whole seller will buy these at a low cost, and 
  3. Then they will sell these large quantities of vegetables to traders that are vegetable hawkers, vegetable shops, or malls, and then they will sell them to consumers. 
  4. Consumers will now have these and can use them at home.

Frequently Asked Questions

Question 1:  Name the types of markets?

Answer:

  1. Weekly Markets
  2. Neighborhood shops
  3. Shopping complexes and malls

Question 2: What are weekly markets and neighborhood shops?

Answer:

  • Weekly Markets: Markets are held every week on a specific day of the week. Example: Wednesday market, Friday market, etc.
  • Neighborhood shops: Furthermore, they are of two types: roadside shops and permanent shops. Roadside shops include vegetable hawkers, fruit vendors, mechanics, etc. Permanent shops include grocery shops, departmental stores, dairy, stationery, etc.

Question 3: Write an example of a market chain?

Answer:

A farmer will produce or grow mangoes on his farm, and then they will sell the mangoes in a large quantity to traders, and then traders will buy and sell these to processors. Now processors will process these mangoes into mango pickles, mango juices, candies, and many more. Now, these processed goods will be sold to retailers, and then consumers will buy them and use them at home easily.

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