Introduction
In common languages the terms market means a specific place where buyers and sellers of a commodity meet and exchange their goods. But in Economics, market does not necessarily mean a place, but it is an arrangement through which buyers and sellers come in contact with each other directly or indirectly and exchange of goods takes place among them.
Definition of Market
To quote Cournet "Economist understand by the term market, not any particular market place in which things are bought and sold, but eh whole of any region in which buyers and sellers are in such close contact with one another that prices of the same goods tend to equality, easily and quickly."
Types of Market
On the basis of degree of competition markets are classified as follows:
1. Perfect competition
2. Pure competition
3. Monopoly
4. Monopolistic competition