Basically, market is a place where buyers and seller meet to exchange goods and services. This exchange is driven by the concept of willing buyer willing seller; free will of either parties so to say. Traditionally, people used to exchange goods for goods. However, this has now changed and people are now using currencies acceptable to all as a measure of value.
Types of Markets
Now there are various types of markets for any given commodity on offer.
• Local markets; this is where a product is sold within the locality where it is produced. It is limited in area and does not attract large number of players.
• National markets; these are markets within national bounders of a country. The product is open for all players in the nation. It has more players.
• Regional markets; these are markets combining more than one country within one region. This kind of market enhances the bargaining power of the member countries.
• International markets; these are markets involving all players in the world. It has more people than any other kind of market.
With the introduction of internet technology, global economic market has been greatly changed for the better. For example, people do not need to meet physically to transact business. You can now actually purchase from another continent without having to travel there and have you good delivered to you door step! All this is because of internet.
The modes of payment have now grown in leap and bounds. Nowadays you do not have to queue at a bank for your transaction to be paid. There are now online, faster and more convenient methods of payment. These methods are also cost effective and time saving. Some of the advantages of these methods of payment are;
• Speed; these methods are fast in payment and do not experience delays. They are not confined to the normal working hours. Some body can pay any time.
• Convenience; these methods are convenient. They do not require many formalities like bank to use. They too not restricted to certain areas.
By the virtual that the market is global, it means there is a lot of variety of goods and services. Customers have a variety to choose from because there are more suppliers in the market. This effectively means more competition, bringing the prices down for customers. Due to competition also, customer service has to improve.
With the introduction of internet new markets have also been opened up. People can now open and operate online shops. There are new and more effective emerging methods of advertisement. A good example is social media marketing. This kind of marketing is much more effective because it has a large base of potential customers. All in all, by the end of the day the prices in the global economic market are determined by the forces of demand and supply to a very large extent. It remains to be more of a free market economy; a perfect competition market. The monopolies if any, are quickly disappearing.
Author Bio: Author’s bio – Myke Thomas has a vast experience in writing articles on insurance and related topics. In this article she has discussed some essential things that would help top get good Life Insurance Quotes. She suggests her readers to visitArc-Protect.com for further information.