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