A market may be defined as any place at a point in time where buyers and sellers meet for the exchange or buying and selling of goods and services.
As far as Economics is concerned, market can take place anywhere. It does not mean any particular pace.
However, we have what we calI market place where buyers and sellers meet for the purposes of exphange, buying and selling of goods and services.
Types of Market
Capital Market: This is a market where long term loan is obtained. The money lent and borrowed in this type of market is used to finance capital projects.
Money Market: This is a market for the lending and borrowing of short term loans. This type of market aids all forms of business transactions.
Foreign Exchange Market: This is a market where foreign currency problems are resolved in international trade. The market changes local currencues for foreign ones used in buying goods and services from other countries of the world.
Factor Market: This form of market involves the buy and selling of factors of production.
Primary Products Market: In this form of market, raw materials or unfinished goods are bought and sold.
Capital Equipment Market: This is a market where manufactured products meant fer further production of other goods and services are sold and bought, for example, plants, machinery, factory vehicles, etc.
Consumer Goods Markets: This is a market where finished oods reaciy for use by are sold and bought. This market is divided into two wholesale and retail markets.