Physical market
Also called: Offline market · Topic: Markets, Equilibrium and Government Intervention · NCERT: Class 7, Ch 12 "Understanding Markets"
Meaning
A physical market is a place where buyers and sellers meet in person to exchange goods or services for money. Buyers can see and touch the goods, and they can bargain face to face. It is one way of sorting markets by place. In physical markets, goods usually pass along a chain from the manufacturer to the wholesaler, the distributor, the retailer and finally the consumer.
Example
Weekly haats, local shops, malls and the historic Hampi Bazaar are all physical markets. Hampi Bazaar stood opposite the Virupaksha temple and sold grains, silk, horses and jewels. So are Ima Keithal in Imphal, run by about 3,000 women traders, and the Khari Baoli spice market in Old Delhi.
Don't confuse with
- Online market: buyers and sellers deal through apps or websites. They may be thousands of kilometres apart and never meet.