What are the market and its types?

The trade of products and services can take place in a market, which is a gathering place for interested parties. 

Buyers and sellers are typically the parties engaged. The market might be actual, like a physical store where people interact in person, or it could be virtual, like an online market, where there is no face-to-face interaction between buyers and sellers.

Requisites Of A Market.

A market is characterised by a few basic elements, such as the presence of buyers and sellers, as well as a commodity that can be bought and sold.

A market can be any location where two or more people can come together to conduct an economic transaction, even one that doesn't require legal cash, is referred to as a market. A market transaction can entail the transfer of commodities, services, information, money, or any combination of these to another party. Markets are places where buyers and sellers can come together and conduct business.

Typically, a trade requires the participation of two parties. But to provide competition and restore equilibrium to the market, at the very least, a third party is needed. As a result, among other things, a market in a condition of perfect competition is characterised by a large number of active buyers and sellers.

Depending on the context, the term 'market' can refer to a wide range of items in addition to this broad definition. For instance, it might be used to describe the stock market, where securities are traded. It can also be used to refer to a group of people who are looking to purchase a particular good or service in a particular location, as the local markets.

The market economy is a type of economic system that influences some choices that help shape the market. 

In this system, supply and demand from firms and individuals drive aspects including investments, production, distribution, and price of goods and services. A market economy is therefore unplanned and distinct from a planned or command economy, in which the government sets all of these parameters. 

Types Of Markets-

• Underground Market.
• Auction Markets.
• Financial Markets. 
• Regulating Markets. 
• Black Markets.

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