THE MEANING AND TYPES OF MARKET

CONTENT

1. Meaning and Features of Market
2. Types of Market: Capital Market, Money Market and Commodity Market
3. Institutions and instruments traded in each type of Market

Meaning of Market

A market refers to a place where goods and services are bought and sold. It is a place where buyers and sellers come together to trade. Examples of Market are Dugbe Market in Ibadan, Kaduna Central Market, Balogun Market in Lagos, Onitsha main market, Ogbete market in Enugu, Ariaria market in Aba .

Features of a Market

1. There must be at least a buyer
2. There must be at least a seller
3. There must be goods or services which is bought or sold.
4. There must be medium exchange (money)
5. Determination of price.
6. There must be free entry and free exit.
7. There must be a meeting place.

Types of Market

There are basically three types of Market, namely:

1. Commodity Market,
2. Money Market
3. Capital Market.