TYPES OF MARKET, MARKET GUIDE
By: EconomyWatch
A market is an environment that allows buyers and sellers to trade or exchange goods, services, and information. These interactions define demand and supply characteristics and are therefore fundamental to economies.
A market can be defined as a place where any type of trade takes place. Markets are dependent on two major participants – buyers and sellers. Buyers and sellers typically trade goods, services and/ or information. Historically, markets were physical meeting places where buyers and sellers gathered together to trade. Although physical markets are still vital, virtual marketplaces supported by IT networks such as the internet have become the largest and most liquid.
Some markets are very competitive, with a number of vendors selling the same kinds of products or services. Conversely, some markets have low or no competition, particularly if the industry is protected by government legislation.
The number of buyers and sellers involved will have a direct bearing on the price of the good or service to be sold, and has become known as the law of supply and demand. Where there are more sellers than buyers, the availability of supply will push down prices. If there are more buyers than sellers, the increased demand will push up prices.
Markets can appear spontaneously when there are goods or services to be exchanged, or they can be planned and regulated.
Free Markets
Free markets operate under ‘laissez-faire’ conditions, in that the government does not intervene in how the market operates. These markets may be distorted if a seller gains monopoly power by managing the majority of supply (or indeed if a buyer develops monopsony power by managing demand). Governments or trade bodies often step in when such distortions undermine the smooth functioning of free markets.
Currency Markets
The currency markets are the largest continuously traded markets in the world. Twenty four hours a day, seven days a week, governments, banks, investors and consumers are buying and selling every currency, leading to massive money flows constantly changing hands.
Stock Markets
Stock markets have become highly complex markets that allow investors to buy shares in companies or in funds that aggregate companies or industries together. Most stock markets today are primarily electronic networks, although they often maintain a physical location for buyers, sellers and market makers to interact directly.
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Types of Consumer Markets
Markets originally started as marketplaces usually in the center of villages and towns, for the sale or barter of farm produce, clothing and tools. These kinds of street markets developed into a whole variety of consumer-oriented markets, such as specialist markets, shopping centers, supermarkets, or even virtual markets such as eBay.
Commodity Markets
With the rising price of oil and food, commodity markets are once again under the spotlight. Commodities underpin economic activity. Commodity markets include: energy (oil, gas, coal and increasingly renewable energy sources such as biodiesel), soft commodities and grains (wheat, oat, corn, rice, soya beans, coffee, cocoa, sugar, cotton, frozen orange juice, etc), meat, and financial commodities such as bonds.
Capital Goods & Industrial Markets
Capital goods markets help businesses to buy durable goods to be used in industrial and manufacturing processes. A number of services can also be associated with these goods. Transactions tend to be wholesale with large quantities of goods being transacted at low prices.
2. Match English and Russian equivalents.
1) pushupprices
2) monopsony
3) currencymarket
4) stockmarket
5) physicallocation
6) marketmaker
7) consumermarket
8) commoditymarket
9) capitalgoods
10) softgoods
11) industrialmarket
12) freemarket
a) фондовая биржа
b) галантерея; текстиль; мягкие; виртуальные товары
c) монопсония, монополия покупателя
d) свободный рынок
e) средства производства, капитальные блага
f) повышать цены
g) товарная биржа, товарный рынок
h) фактическое месторасположение
i) потребительский рынок
j) валютный рынок
k) участник финансового рынка
l) рынок производителей/товаров промышленного назначения
3. Fill in the gaps with the appropriate word(s) and translate the sentences.
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1. A market is _________ that allows buyers and sellers to trade or exchange ______________________.
2. Markets are dependent on two major participants – __________________.
3. Although _____________ are still vital, _________________ have become the largest and most liquid.
4. Some markets are ______________, with a number of ___________________of products or services.
5. Some markets have _________________if the industry is protected by ________________________.
6. Markets can appear ___________________ or they can be ______________________.
7. Free markets may be distorted if a seller_________________ by managing the majority ___________.
8. ______________________are the largest continuously traded markets in the world.
9. Stock markets allow investors to buy ______________________ that aggregate companies or industries together.
10. Street markets developed into a whole variety ____________________________________.
11. Commodity markets include: _____________________________________________ such as bonds.
12.______________________ help businesses to buy durable goods to be used in industrial and manufacturing processes.
4.Explain the meaning of the word “market”. Then match English and Russian equivalents.Make up the sentences of your own.
1) food market
2) meat market
3) to create a market
4) to depress a market
5) to find a (ready) market
6) to be on the market
7) to come into the market
8) to put on the market
9) to be in the market for smth.
10) to capture/corner/monopolize a market
11) to flood/glut a market
12) to study a market
a) пользоватьсяспросом
b) быть потенциальным покупателем; стремиться купить что-л.
c) понижать спрос
d) продаваться
e) монополизироватьрынок
f) мясной рынок
g) поступать в продажу
h) насыщать, наводнять рынок
i) создавать спрос
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j) изучать рынок
k) продовольственный рынок
l) пускать в продажу, выпускать на рынок
5. Translate the following English idioms and make up your sentences.
Be in the market for smth.
Black market
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