WELCOME TO YOU  I heartily welcome you to read the post on concepts related to "Market" in economics. They play a significant role in structuring economy and development. Let us read now! ------------------------------ Market Market refers to a place where the buyers and sellers meet together and transactions of buying  and selling takes place is called market. Communication Plays a vital role in the market. Transactions may be in the form of: Goods: refers to physical commodities which are manufactured in industry/firm. Services: Refers to transactions without involving money. Other Information. Local market If transaction of a particular goods takes place in a particular area, It is called as local market. The business continued with that product in that area only. Because these goods are highly perishable which means they cannot transported to long distance places. They cannot stored for long time. For example, vegetables, fruits, milk, etc.. National market When a commodi

WELCOME TO YOU I heartily welcome you to read this post on the concept of wants. ------------------------------ Want Generally a want is just a desire. But in Economics it is a very basic/fundamental concept which is basis for number of other concepts in economic theories. It is assumed that Human wants are always unlimited or limitless whereas, resources are always in scarce. Simply the resources are always less than the demand. That's why the reason a man will go for alternative resources. Want is a psychological phenomenon.  Economic want and noneconomic want Generally wants are divided into 2 types. they are: Economic want Noneconomic want      *Economic want refers to those desires which can be bought and satisfied through money or other way of transaction. For example, purchase of clothes, Satisfying basic requirements/necessities etc. This kind of want requires purchase of a commodity. It can be satisfied with the right desire and ability to pay. I can say simply that the in