Question

Justify the following statement.

The market can be classified on the basis of time.

Answer 1

On the Basis of Time:

1. Very Short Period Market: This type of market has a very short time existence viz., for a few hours or for a day at a particular time and place. In this type of market perishable goods such as vegetables, fruits, milk products, etc. are sold.
2. Short Period Market: This type of market has existence for a short period viz. weekly markets, festival markets, markets during fairs, etc. Perishable or semi-durable goods are sold in this market.
3. Long Period Market: This type of market has existed for long period. In this type of market durable commodities which are generally non-perishable in nature are sold.