Question
Explain Classification of Market – According to location and quantity.
✓
Answer
$1.$ Markets based on location:
Here, markets are. classified according to their geographical location.
$(a)$ Local market:
A market where the products and services are produced and sold at the same place is called a local market. Local market is limited to the respective city or village.Example:
Market for clay utensils.
$(b) $ Regional market:
Kite market of Ahmedabad, a publisher selling his books only in Gujarat, Regional movies, etc.
$(c)$ National market:
A market wherein selling of the products and services takes place throughout the country is called a national market. This market is spread across various states of nation.
Example:
The shoe company, Saree market, Hindi novels, national newspapers like The Times of India, etc.
$(d)$ International market:
A market where in selling of the products and services takes place among several countries is called an international market or global market.
The sales and purchase in this market is generally referred to as ‘Import- export’.
Example:
Market of mobiles phones, English novels, English movies, cars, etc.
$2 .$ Market based on quantity:
$(a)$ Wholesale market:
Wholesale grain market, vegetable market, etc.
$(b)$ Retail market:
Here, markets are. classified according to their geographical location.
$(a)$ Local market:
A market where the products and services are produced and sold at the same place is called a local market. Local market is limited to the respective city or village.Example:
Market for clay utensils.
$(b) $ Regional market:
- A market where in selling of the products and services is limited to a. region or a state is called regional market.
- Markets that exist in the various parts of the state fall under the category of regional market.
Kite market of Ahmedabad, a publisher selling his books only in Gujarat, Regional movies, etc.
$(c)$ National market:
A market wherein selling of the products and services takes place throughout the country is called a national market. This market is spread across various states of nation.
Example:
The shoe company, Saree market, Hindi novels, national newspapers like The Times of India, etc.
$(d)$ International market:
A market where in selling of the products and services takes place among several countries is called an international market or global market.
The sales and purchase in this market is generally referred to as ‘Import- export’.
Example:
Market of mobiles phones, English novels, English movies, cars, etc.
$2 .$ Market based on quantity:
$(a)$ Wholesale market:
- Market in which sales and purchase of goods\services is done on a large scale is called a wholesale market.
- The wholesale traders buy the goods in wholesale from the market and sell it to the retail traders. So, the retail traders become buyers while the wholesale traders, sellers.
- Wholesalers are an important link between the buyers and the producers.
Wholesale grain market, vegetable market, etc.
$(b)$ Retail market:
- Market in which sales and purchase of goods\services takes place at a small scale is called a retail market.
- The retailers buy products\services from the wholesalers and sell them to the consumers. So, the retail traders are an important link between the wholesalers and the consumers.
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