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  1. Meaning and Features of Market
  2. Types of Market: Capital Market, Money Market and Commodity Market
  3. Institutions and instruments traded in each type of Market

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Meaning of Market

A market refers to a place where goods and services are bought and sold. It is a place where buyers and sellers come together to trade.  Examples of Market are Dugbe Market in Ibadan, Kaduna Central Market, Balogun Market in Lagos, Onitsha main Market, ogbete market in Enugu, Ariaria market in Aba .

Features of a market

  1. There must be at least a buyer
  2. There must be at least a seller
  3. There must be goods or services which is bought or sold.
  4. There must be medium exchange (money)
  5. Determination of price.
  6. There must be free entry and free exit.
  7. There must be a meeting place.

Types of Market

There are basically three types of Market, namely:

  1. Commodity Market,
  2. Money Market
  3. Capital Market.

Commodity Market

This is the market for buying and selling of raw materials, semi-finished and finished good.  A good example of commodity market is a market for Foodstuff, provisions, gift items, clothes, household equipment, etc.

Types of Commodity markets include: Open Air Market, Shops, and Stalls

  1. Institutions that operate in commodity market are:
    1. Commercial banks
    2. Cooperative Societies
    3. State Agricultural Development Agencies
  2. Instruments used in commodity market include agricultural products (timber, cocoa, rubber, fish, cassava etc) and consumer/finished products (television, car, furniture, books etc).
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