I. On the Basis of Geographical Area a. Family Market: When exchange of goods or services are confined within a family or close members of the family, such a market can be called as family market. b.
Local Market: Participation of both the buyers and sellers belonging to a local area or areas, may be a town or village, is called as local market. The demands are limited in this type of market. For example, perishable goods like fruits, fish, vegetables etc. But strictly speaking such markets are disappearing because of the efficient system of transportation and communication.
Even, then, in many villages such markets exist even today. CLASSIFICATION OF MARKETS On the basis of AREA On the basis ofGOODS On the basis of Economics On the basis of TRANSACTION Family Local National World Commodity Produce Manufactured Bullion Capital Money Foreign Stock Perfect Imperfect Spot Future On the basis of REGULATION Regulated Unregulated On the basis of TIME Very short Short Long On the basis of VOLUME Wholesale Retail On the basis of IMPORTANCE Primary Secondary Terminal 12th Commerce Unit - - . . AM Flower Market Goat Market Cattle Market Horse Market c.
National Market: a. Certain type of commodities has demand throughout the country. Hence it is called as a national market. Today the goods from one corner can reach another corner with ease as the communication and transportation facilities are developed well in India.
This creates national markets for almost all the products. d. International Market or World Market: World or international market is one where the buyers and sellers of goods are from different countries i.e., involvement of buyers and sellers beyond the boundaries of a nation.