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Question
How the market can be classified?
Solution
On the basis of different approaches markets can be classified as follows:
1. On the basis of Geographical Area:
- Family Market
- Local Market
- National Market
- International Market or World Market
2. On the Basis of Commodities / Goods:
(a) Commodity Market
- Produce Exchange Market
- Manufactured G
- Bullion Market
(b) Capital Market:
- Money Market
- Foreign Exchange Market
- The Stock Market
3. On the Basis of Economics:
- Perfect Market
- Imperfect Market
4. On the basis of transaction:
- Spot Market
- Future market
5. On the Basis of Regulation:
- Regulated Market
- Unregulated Market
6. On the Basis of Time:
- Very Short Period Market
- Short Period Market
- Long Period Market
7. On the Basis of Volume of Business:
- Wholesale Market
- Retail Market
8. On the Basis of Importance:
- Primary Market
- Secondary Market
- Terminal Market
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RELATED QUESTIONS
Choose the correct option:
Classification of markets on the basis of place
a) Local market, National market, International market
b) Very short period market, Local market, National market.
c) Short period market, National market, International market.
d) Local market, National market, Short period market.
Number of firms producing differentiated products which are closely related –
Product differentiation is the main feature of ______.
Assertion (A): Monopolist is a price maker.
Reasoning (R): Monopolist can fix the price of his own product as he controls the whole market supply.
State with reason whether you agree or disagree with the following statement:
There is product differentiation under monopolistic competition.
PASSAGE
Amul is the first choice of so many ice cream lovers in India among the top ice cream brand category. Amul brand, owned by Gujarat Co-operative Milk Marketing Federation, was established in 1946 in Anand, Gujarat.
The second on the list of top ice cream brands in India is Vadilal.
Cornetto and Magnum are one of the top ice cream brands in India owned by Hindustan Unilever. Mother Dairy is a very strong name in the Indian ice cream industry. This company is very similar to Amul, in terms of the products, they manufacture and sell. Another big player in the ice cream industry is Havmor. Havmor Company has been able to stand strong as one of the big fighters in the battle of top ice cream brands in India for very long. Ice cream market also has local and less popular brands apart from the top brands.
Amul was (and still is) in the Guinness record for running the longest- ever advertising campaign. The advertising strategy of Amul through digital marketing made the most of it through platforms such as Facebook, Twitter, Instagram, and others.
- Identify the most important feature of the ice cream market (1 marks)
- Identify the type of cost incurred by firms on advertising campaigns and strategies. (1 marks)
- Express your personal opinion about the ice cream market based on the above information (2 marks)
Explain the types of the market on the basis of time.
How the market can be classified on the basis of Economics?
Give economic terms:
The period in which all factors of production are variable.
Find the odd word out:
Classification of markets on the basis of time:
