In this essay we are going to talk about the Market. People in this world are the lover of shopping; they can buy anything of their favorite product as per their own choice but exactly footwear, clothes, branded accessories, makeup kits are just included in the shopping, as all these above needs are required at some other level.
Short Essay on Market
In our country the people who consume the daily needs like education, food, Shelter, Clothes to wear, Medical facilities then they feel we got the happiness of the world. But the people who are reached can consume anything.
We need daily commodities to satisfy our wants like Rice, Wheat, Sugar, Flour, etc. so how and from where we can purchase so it is a simple answer that is Market or the grocery shop so we can observe that their lakhs of shops are in one city and minimum 2 to 3 shops are available in your area so this is called as a market.
Meaning of Market- Market means the buyers and the Sellers have come in direct contact with the motive of the exchange of the commodity through money called market.
Buyers and the seller can come in contact directly or indirectly through different mediums like Teleshopping, Online Shopping, and Physical going shopping, etc.
Teleshopping:- This is the type of shopping where the buyers order they’re the product through their telephone by dialing the phone number in which the seller shows the advertisement of their product on the television.
Online Shopping:- this is a type of shopping where the buyers order the product through the internet via the website where the product information is mentioned.
Physical Shopping:- This is a common thing which most people prefer as one has to go physically in the place where you get the seller as face to face and you can buy the things by selecting the proper quality, color, shape, size, etc.
So there is some characteristic of the market:-
1. Good and Services:- the buyer and seller have to come in contact to run the market so if the buyer will purchase the things that they can satisfy their daily needs and if the seller could buy more goods and services they can gain more profit.
2. Price fixation:- the price of the particular commodity should be there or decided but some unilaterally people think that seller decides the price of the product but exactly it is not like that the price is based on the Market demand and Market supply from this rule the price is being decided. So the price is being decided like this and it should be there.
3. Information of the Market Situation: – Both the buyers and sellers has to be information and knowledge of the market demand, price, necessities, inflation, etc. So both the parties have to have to the idea of the market situation so that they can buy the things at the proper prices and quantity and will not get discriminated.
Top 8 Types of Market
1. Local Market
This type of market is mostly seen in the village area as they make the things at the same place and sell in their place only so an example of this type market is the Pottery making, and the clay utensils which are making itself at the same place and sell it on their place. This market is mostly found in the area of the village because they do not want to sell their items outside of it.
2. Regional Market
This is that type that covers the state region where the products of the state got exchange within the region of the state like for example the region books of their language, their movies, their foo, etc. so this regional market are available in every state as every state is having their specialties so their market facilities are there within the state only so an example like regional books, videos, novels, food items, etc.
3. National Markets
This market is famous as the product is being distributed among the whole country and the products like Amul Dairy Products, Sarees, etc. As there are many products which are very much famous in the nation itself as a stationary company like Doms, Apsara, etc. in which their products are transferring throughout the whole country so that type of the market is called as the National market which is very much in demanded and usage.
4. International Market
This type of market is very famous because it is demanded throughout the whole country itself and as well as it also famous in all the countries. Trading is one of the biggest examples of this market as we can do the import and the export with the different types of the company like Our medical things, Food items, spices, clothes, crude oil, gold, petroleum, diesel, etc, are got import and export to different types of the company so this is called the international market where the buyers and the sellers are come in the contact from the whole world to each other, not from a particular place or region.
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5. Wholesaler Market
This is the market is very much beneficial for that person who wants to buy good at the lower and cheaper price but at the good qualities so this type of market is best for them, Generally, the person bought the good in the bulk so got a heavy discount from the producer and sell it according to that prices which we get in a wholesale price which make the customer happy so wholesaler bought the good directly from the producer and sell it to the customer as it plays the important role in between the producer and the customers.
6. Monopoly Market
This is a type of market that means only one seller exits in a market as there is a restriction of the other firms because monopoly means single person, So monopoly market is rarely seen in the market situation.
Monopoly market as a seller exist only one so there is one thing that they charge the price according to their wishes and choices because if the buyers are more but the product is not more in quantity so exactly price can charge from the different customer, Examples like a doctor, some companies, Xerox company which is a monopoly of making machine of Xerox copies, Monopoly in a public transportation and the facilities like buses, railway, post offices, etc. So this creates profit for the Monopolist those who are selling the product but have a monopoly.
7. Perfect Competition Market
This is a type of market in which there is competition is seen that to sell first of their product so there is competition in which the product is same in the quantity, shape, size, taste, preferences, look, etc.
So if the product is having the same quality and that can be used in place of a substitute then that product is called a substitution product so if the shops are there in which same agricultural product like rice, wheat, jawar, etc. so if they sell their product and there are many buyers so one single seller will not affect on the situation of the market so at this time customer are depend that which product from where they purchased it.
So this situation is called the Perfect competition.
8. Monopolistic Competition
This is that type of market where there is no partial monopoly nor partially fully perfect competition as this perfect competition is not practically possible but theoretical it is not possible so anyway, in monopolistic competition, there is a mixture of both the types called the monopoly market so in this there nor many sellers nor many buyers but there are in an equal length of both so in this there is no restriction of the exit and entry of the firm as there maybe can be super-normal profit or maybe losses as well.