Classification of Markets

Classification of Markets:

A) Market according to Area:

Based on the degree of the market for any product, markets can be categorized into local, regional, national & international markets. It includes:

  • Local Market
  • National Market
  • Regional Market
  • Global Market


B) Market according to time:

Marshall categorized market based on the time element. In economics “time” does not refer clock time. This means just the division of time depend on extent of adjustability of supply of a commodity for a specified change in its demand. The main divisions are of very short period, and long period. It includes:

  • Very Short Period
  • Short-period
  • Long Period


C) Market according to competition:

Such markets are categorized according to the nature of the commodity and number of sellers in the market.

 

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