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Question
Explain types of the market on the basis of time.
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Solution
Types of the market on the basis of time are as follows:
- 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.
- Short Period Market: This type of market has existed for a short period viz. weekly markets, festival market, market during fairs, etc. Perishable or semi-durable goods are sold in this market.
- Long Period Market: This type of market has existed for long period. In this type of market durable commodities that are generally non-perishable in nature are sold.
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