Classify the market on the basis of their areas.

1.	Classify the market on the basis of their areas.
Answer» On the basis of area, markets are classified as follows : (a) Local Market When the buyers and sellers of product are spread to a village, suburb or township, then the market is called local market. Example : Markets for perishable goods -butter, eggs, milk, vegetables, etc. (b) Regional Market When the market of any product is limited to a region only, then it is called regional market. Example: Semi-durable goods – Shirts. (c) National Market When the product’s buyers and sellers are spread all over the country, then the market of that product is called national market. Examples: Durable goods and industrial goods. (d) International Market When the buyers and sellers of the product are spread in different countries of the world, the market of that product is called the international market.

Answer»

On the basis of area, markets are classified as follows :
(a) Local Market When the buyers and sellers of product are spread to a village, suburb or township, then the market is called local market.

Example : Markets for perishable goods -butter, eggs, milk, vegetables, etc.

(b) Regional Market When the market of any product is limited to a region only, then it is called regional market.
Example: Semi-durable goods – Shirts.

(c) National Market When the product’s buyers and sellers are spread all over the country, then the market of that product is called national market.
Examples: Durable goods and industrial goods.

(d) International Market When the buyers and sellers of the product are spread in different countries of the world, the market of that product is called the international market.

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