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:
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:
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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if the 1st phase, say r or a phase begins at slot no.1, the y or b phase should start at 1200/150 = 8 slots away that is, in slot (1 + 8 = ) 9, and the b or c phase should begin at (9 + 8 =) 17.
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job costing method of costing is employed in job order industries in which the production is as per the needs of the customer.
The meaning of joint products is two or more products generates intentionally and with similar inputs and containing more or less similar economic value.
The temperature is not regulated in non-automatic type. The user itself has to switch ON or OFF the iron according to the heat requirement.
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