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We know that for living and existing in this globe, people need lots of things. They cannot get everything from nature. People have to process different natural things as per their requirement for daily uses. And it is obvious that a single person cannot processes and makes everything of requirement. So different people process different goods for their necessity, and they exchange those goods amongst themselves as per their requirement. This process is going since time immemorial
The place, where people exchange these necessary goods among themselves is known as market. And how much one good is exchanged for getting another good is termed as its price. So price of one desired product is measured by the quantity amount of other goods and service that is to pay to get that desired product. Now a day, a product can be exchanged with currency. So in modern days price refers some amount of currencies.
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Types of market
Concept and idea of market are continuing from the ancient time. With the change of time and advancement of technology human’s requirements also has changed. And with all these changes the feature of market has changed too. As per their feature, in this modern era markets are classified in several categories. They are –
Market for consumable product
Where sellers and buyers are interacting for selling and buying consumable products in a specific price rate. The goods that are usually found here are –
- Dress materials
- Consumer durable
- Utensils etc.
Market for business and industries
In this market, whole- seller sales different consumer durable and nondurable product to retailers, shopkeepers and other small business men in a special price rate. Raw materials for different manufacturing company and industry are sold here. Labor market and auction market are a good example of it.
For selling and purchasing, stock and bond of different business and industries.
Marketing place for Media News and broadcasting internet communication.
Marketing place for illegal product like addictive drugs, unauthorized arms, un- authorized explosive products, etc.
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More about price
Price of a product is an important factor. It is determined on the basis of supply and demand of a product. Increment of demand increases the price rate of a product; on the other hand, increment of supply reduces the price rate. Determination of price has lots of graphical analysis to explore that please contact us and our markets and prices homework help.
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