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Session [6] (Kinds of markets (Geographically based (Local markets,…
Session [6]
Kinds of markets
Time based
Day to day
Short period
Long period
Geographically based
Local markets
National markets
International markets
Regional markets
Function based
General
Specialised
Stock exchange markets
Exchange markets
Retail
Wholesale
Money
Capital
On the basis of competition
Perfect market
Imperfect market
Types of cost
Fixed Cost
Direct costs
Rent
Interest
Insurance
Depreciation
WAges and salaries
Variable cost
Wages
Cost of raw materials
Transportation
Power fuel electricity
Sunk cost
Explicit cost
Operation cost
Processing cost
Freight cost
Taxes
Rents
Market determinants
Legal structure
Regulatory bodies
Means of transportation
Banning syste
Division of human capital
Implementation of rules
Peace and political stability
Perfect market
Large number of buyers and sellers
Free entry and exit
Mobile factors of production
Identical goods are traded
Human capital is available
Ideal market situation
Inputs are available inside the market
Total cost curve
TC= FC + VC
ATC= TC/Q
AVC= VC/Q
AFC= FC/Q
Markets
Buyers and sellers
Place
Exchange of evonomic goods
Perfect market
A perfect market can generated imperfect competition
A perfect market can generate perfect competition
MArket trust should not be shaken
Markets and their structure