Types of Markets

As soon as we wake up, we require different products to start our day- toothbrush, toothpaste, groceries for breakfast, etc. It’s simple to go out and buy from the markets. But have you ever thought about the complex process of them being produced and reaching you? Let us look at the types of markets.

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Types of Markets

• Weekly Markets
• Neighbourhood Markets
• Shopping Complexes or Malls
• Online Market
• Wholesale Market
• Markets and Inequality

Weekly Markets

Those that are set up and function on one day of the week (that is, on a weekly basis) are called weekly markets. The traders of various items come and set up temporary stalls at a place and sell their items. Mostly, the items are cheap, as the vendors do not have to pay rent or tax money.

A variety of items are found here, be it vegetables, utensils, or clothing items! The negative point is that the market is temporary and shops may not exist when you need it during emergencies!

Neighbourhood Markets

These are the shops or vendors present near our homes, on a nearly permanent basis. These include medicine shops or grocery shops near our homes, as well as a vegetable selling vendor who sells his produce every day of the week.

The prices of items here may be higher than those of weekly markets, as the cost of rent, electricity, and taxes may be added to their price.

However, a positive aspect of these markets is that one can rely on them and they will be delivered right to our doorstep!

 Shopping Complexes or Malls

These are found in urban cities. They are large buildings that are solely built to host shops that sell branded goods to customers. People visit malls to do shopping for clothes, shoes, electronics, furniture, jewelry, even groceries, etc.

Here, the prices are the highest since it has the best-branded items of superior quality. Some malls even have cinema theatres or other entertainment centres!

Online Market

This decade has seen the growth of e-commerce or “online shopping”, in simple terms. With a click of a button, one can order shoes, cosmetics, even food!

With technology, places to shop are everywhere around us and it has increased our convenience in living.

Wholesale Market

We know that grains are produced in fields by farmers, made into your breakfast cereal in the factories, but how come we don’t buy it directly from the factories? Because that is the work of “wholesalers”.

These are tradesmen who buy products in huge quantities and then sell them to our shopkeepers (who are called retailers), who then sell them to us. This is almost invisible to us, but plays an important role in getting our basic needs to our homes!

Markets and Inequality

In the above paragraphs, we have seen that different types of shops sell different products by different shopkeepers.

We must note that there is an inequality between the “economic condition” of both buyers and sellers of these different places.

This simply means that sellers and buyers of small markets like a vegetable stall use less money than those who shop and sell in a big shopping mall.

Thus, we see how there are different types of markets around us. How interesting was it to find out that there are also some we can’t even see!

Solved Question for You

Q: Where are goods sold only in large bulk?

1. Online.
2. Shopping malls.
3. Wholesale markets.

Sol: The correct answer is the Wholesale Market. When buying in bulk Wholesale markets offer us the best price. You may not get a lot of variety but it will be the most cost-effective.