In ordinary language, market refers to a place where goods are sold and bought. In economics, market does not refer to any specific place in which goods are sold and bought. However it refers to buying and selling of a commodity. In a market a commodity is bought and sold beneath given conditions and there will be a number of buyers and sellers who will be in close up touch with each other. For illustration, a fish market refers to buying and selling of fish; here both buyers and sellers are in close up contact. According to Benham, “Market is any region over which the buyers and sellers are in close touch with one other either directly or via dealers that prices accessible in one portion of market affect the prices paid in another portions”.

Usually speaking, whenever we talk of markets, we refer to commodities which are bought and sold. However there are markets for things other than commodities. Therefore there are labor markets, foreign exchange market, and capital market and so forth. For illustration, we might say the market for an actor, say ‘X’, is dull. Therefore there might be a market for anything that has a price.

Classification of Markets:

Markets might be classified according to time, space, and the nature of competition. According to space, markets are categorized into local market (example, vegetables, and flowers), national market (example, sarees) and international market (example, steel, cotton, sugar, & tea).

Markets can also be categorized according to the kind of competition. Therefore, broadly we contain perfect markets and imperfect markets.

Markets can also be categorized into short period and long period markets according to time. When the period is short, demand plays a significant role in the market and when the period is longer, supply plays a significant role. Thus markets can be categorized according to the space, time and nature of competition which prevails.


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