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Types of Markets
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  • Course
  • Economics
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  • Economics
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  • Statistics for Business & Economics

Each type of market has its own set of rules, competitive dynamics, and implications for consumers, producers, and the broader economy. Understanding these market types is crucial for businesses, policymakers, and economists to make informed decisions and develop effective strategies.

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  • September 18, 2023
  • 3
  • 2021/2022
  • Class notes
  • Miss zahida
  • 11th and 12th

Subjects

  • ecnomics notes
  • type of markets
  • market types

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  • ECS1501 Assignment 5 2024 (654552)
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Types of Market
1. Based on Competition:
Perfect Competition: In this type of market, there are many buyers and sellers, identical products, and
perfect information. No single entity can influence the market price.

Monopoly:
A single seller or producer dominates the market, giving them significant control over prices and supply.

Monopolistic Competition: Many sellers offer products that are slightly differentiated, giving them some
degree of pricing power.

Oligopoly:
A small number of large firms dominate the market, and their actions can significantly affect prices and
competition.

Based on Nature of Goods:



Goods Market:
This includes markets for tangible products like cars, electronics, and food items.

Services Market:
This includes markets for intangible services like healthcare, education, and consulting.

Based on Geographical Coverage:



Local Markets:
Transactions occur within a specific geographic area, such as a neighborhood or town.

National Markets:
Transactions cover an entire country.

International Markets:
Transactions occur across national borders, involving goods and services traded between countries.

Based on Time Horizon:

Spot Market:
Transactions involve the immediate delivery and payment of goods or services.

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