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Question
Classify markets on the basis of geographical area.
Solution
- Local Market: This is a market where buying and selling are limited to a local area, such as a village, town, or city.
- Regional Market: This is a market where buying and selling are restricted to a particular region or state, such as Southern India.
- National Market: This is a market wherein buying and selling activities are limited within the boundaries of a particular country, e.g., India.
- International Market: This is a market wherein buying and selling involve buyers and sellers from several countries, such as the European Union.
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