Name & explain the several types of market
Queen. Name & explain the various types of market
Ans: A set up where several parties take part in exchange of products, services and information is called a market. Preferably a market is known as a place in which two or more functions are involved in selling and buying.
The two parties involved in a transaction are seller and buyer.
The vendor sells services and goods to the customer in exchange of money. There has to be multiple buyer and seller pertaining to the market to be competitive.
Monopoly - Monopoly is a condition where there is actually a single owner and many customers at the marketplace. In such a condition, the seller has a monopoly without having competition by others and has finish control over the items and providers.
In a monopoly market, the vendor decides the cost of the product or perhaps service and will change it by himself.
Monopsony - A market contact form where there are many sellers nevertheless a single buyer is called monopsony. In such a build, since we have a single buyer against a large number of sellers; the customer can apply his control on the retailers. The buyer in such a form comes with an upper border over the vendors.
Types of Markets
1 . Physical Marketplaces - Physical market is a set up wherever buyers can easily physically meet the sellers and purchase the desired goods from them as a swap of money. Departmental stores, department stores, stores are examples of physical markets. 2 . Low Physical Markets/Virtual markets -- In these kinds of markets, buyers purchase goods and services through net. In such a marketplace the buyers and sellers do not meet or socialize physically, rather the deal is done through internet. Examples - Rediff shopping, eBay etc . three or more. Auction Market - In an auction marketplace the seller provides his items to one who is the highest bidder. 4. Market for More advanced Goods -- Such marketplaces sell raw materials (goods) necessary for the final development of various other goods. your five. Black Industry - A black marketplace is a set up where unlawful goods like drugs and weapons can be purchased. 6. Know-how...