Gujarat BoardEnglish MediumSTD 11 CommerceEconomicsMarket3 Marks
Question
Explain the classification of market on geographical base.
✓
Answer
According to the geographical or place base, a market can classified into four parts :
Local Market :
Generally, the place where commodities or services are produced and sold is called local market. E.g. clay, crockery market.
Regional market :
The commodities or services which are confined to a region or state is a regional market.
Generally it is restricted up to state only. e.g. Fast food market of Ahmedabad and Surat. Gujarati Telefilm market.
National Market :
Generally, the production of a commodity or services which are confined to a nation is called a national market.
This market is spread over the different states of the nation. e.g. Dairy product. Indian Sari market, Hindi Tele-film market.
International Market:
Generally, the trade of commodities or services which are not confined only to a nation but to many countries of the world are called an international market.
It is also called global market.
Purchase-sell of this market is known as import-export. e.g. mobile or car market.
However now because of scientific research, transportation and communication, development of facilities like cold storage and freeze, classification is not rigid. Regional market of a commodity can become national market.
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