Question
Classify the market on basis of place and explain.
✓
Answer
On the basis of place, market can be classified as follows :
1. Local Market : When the goods are produced and sold in the local area mainly due to the high transport cost are called local markets. For example bricks, stone, etc. Also perishable goods like fish, milk, etc. have local market.
2. National Market : Market confined to a domestic market in a country is called national market. E.g. cars, scooters, TV sets. These goods can be easily transported within the country.
3. International Market : Goods which can be sold in any part of the world have international market. E.g. Tea, cotton, petroleum. Such goods can be exported and imported at a low transport cost.
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