Classification of Market
Markets are generally classified into product markets and factor markets. Product markets are markets for goods and services in which households buy the goods and services they want from firms. Factor markets, on the other hand, are those in which firms buy the resources they need – land, labour, capital and entrepreneurship- to produce goods and services. While product markets allocate goods to consumers, factor markets allocate productive resources to producers and help ensure that those resources are used eflciently. The prices in factor markets are known as factor prices.
In Economics, generally the classification of markets is made on the basis of
(a) Geographical Area
(b) Time
(c) Nature of transaction
(d) Regulation
(e) Volume of business
(f ) Type of Competition.
http://www.comgurukul.com/civil-service-gurukul/commerce-optional-test-series-upsc-2018/
http://www.comgurukul.com/commerce-gurukul/test-series-ca-final/
http://www.comgurukul.com/educational-books/gst-book/
No comments:
Post a Comment