Question

How do we define markets and market transactions and how do local markets differ from global ones?

Answer 1

Market means =any place where buyer of goods and services meet with sellers of goods and services where both the parties engage in exchange..

Market transaction means = it is an activity in which goods, services, information, currency or any these passes from account of person to account of an another. it is a sort of doing business..

Difference between Local Market (LM) and Global Market (GM) are as follows ..

1. LM = is a part of micro economy ..GM = is a part of macro economy..
2. LM= depends on the place where you live and local parties ...GM = depends on another country and on foreign policies
3. LM = here transactions takes place within our country only ...GM= here transactions takes place between 2 countries markets at global level
4. LM = here government interference is less ...GM= here government interference is comparatively more..
5. LM= here risk factor is low...GM = here risk factor are very high ..