Question

Explain the classification of market on the basis of area covered.

Answer 1

The market is classified based on the area covered:

1. Local Market: The market for the commodities which are sold within local geographical limits of a region is known as a local market. 
2. National Market: The market for the commodities which are sold within the country is known as the national market.
3. International Market: The market for goods produced in one country and sold in other countries is referred to as the international market.