How are markets classified?

Markets are classified based on various criteria, including the nature of the goods traded (e.g., consumer goods vs. capital goods), the level of competition (e.g., perfect competition vs. monopoly), and the geographical scope (e.g., local, national, or international markets). Additionally, markets can be segmented by the time frame of transactions (e.g., spot markets vs. futures markets) and by the type of participants involved (e.g., primary markets for new issues vs. secondary markets for trading existing securities). Understanding these classifications helps analyze market dynamics and participant behavior.