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  1. The Concept of Market
  2. Types of Market


The Concept of Market

In everyday speech, market refers to a fixed place where people meet to buy and sell. But in relation to Economics, market does not necessarily refer to a fixed place. It is defined as any arrangement, system or organization whereby buyers and sellers of goods and services are brought into contact and can transact business with one another. The means of contact could be through internet, phone, letter or telegraphic system or a fixed place like the regular marketplace.

Types of Market

Market could be classified based on the types of commodities bought and sold (i.e. consumer goods market, labour market and capital and money market), or on the basis of channel of distribution (resale and wholesale market), or the bases of prices.

Under this discussion, we shall look at the type of market on the basis of prices.

Types of Market (On the Basis of Prices)

  1. Perfect Competition/Market
  2. Imperfect Competition/Market


Lesson tags: Economics Lesson Notes, Economics Objective Questions, SS2 Economics, SS2 Economics Evaluation Questions, SS2 Economics Evaluation Questions Second Term, SS2 Economics Objective Questions, SS2 Economics Objective Questions Second Term, SS2 Economics Second Term
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