What types of markets are there
In this article we will explain the different ones to you Market types and market types:
No matter where, at what time and under what circumstances, every meeting of supply and demand is called market. That is a basis of our national economy. There is a difference between perfect and imperfect markets.
A perfect market is characterized by the following properties:
- Similarity of goods
- Market transparency
- Lack of preferences
- Immediate reaction to market changes
As soon as one of these conditions is absent, one speaks of one imperfect market. Aside from the stock market and the foreign exchange market, in reality all markets are imperfect.
Each market can be assigned to a market type. A distinction is made between two types:
- Factor markets
- Goods markets
The term factor market is understood to mean all markets that affect the factors of production. Examples are: labor market, capital market and real estate market.
As the term suggests, a goods market is a market for the exchange of goods (regardless of the type of goods). This includes, for example, the consumer goods market and the capital goods market.
A market form is defined by the number of market participants.
- monopoly = Sale by a
- Oligopoly = Selling by a few
- Polypol = Selling by many (demand and supply)
In both a monopoly and an oligopoly, either only one side (demand or supply monopoly) or both sides (bilateral monopoly) can be affected. Companies have to adapt to one type of market.
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