12th Economics Classes online - Determinants of Market

Takshila Learning is also bringing to you some theoretical knowledge in the form of blogs and write-ups. The following blog carries detailed information about “Determinants of Market” from Class 12 Economics.

Determinants of Market

A market is a whole of the region in which buyers and sellers of a commodity are in close contact and perform the function of sale and purchase of a commodity.

PERFECT KNOWLEDGE

Uniformity in the price of a commodity in different parts of the market will prevail if the buyers and sellers have complete and perfect knowledge about the prices and costs of goods in the market. This will actually give rise to competition in the market.

You can read previous article Economics Notes CBSE Class 12 Exceptions To The Law Of Demand

MOBILITY OF GOODS AND FACTORS

If there is no mobility (i.e. freedom of movement) of goods and factors of production of a commodity, the sellers charge different prices for the same commodity in different parts of the market.

NATURE OF THE COMMODITY

In case the commodity is homogeneous or identical in nature, it will bag the same price in the market. On the other hand, if the commodity in question is heterogeneous of differentiated in nature, the same commodity is sold at different prices by different sellers ( e.g. tomato ketchup of different brands).

Read more .. Economics online classes and notes for class 12

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