Question

Classify markets on the basis of geographical area.

Answer 1

Geographical area

Local Market

Regional Market

National Market

International Market

 

Explanation:

1. Local Market: This is a market where buying and selling are limited to a local area, such as a village, town, or city.
2. Regional Market: This is a market where buying and selling are restricted to a particular region or state, such as Southern India.
3. National Market: This is a market wherein buying and selling activities are limited within the boundaries of a particular country, e.g., India.
4. International Market: This is a market wherein buying and selling involve buyers and sellers from several countries, such as the European Union.