Chapter 23 Markets Around Us In our day to day life, we require the services of a market. Commonly, market is a place having shops selling vegetables, clothes, stationery, etc. In exact term, the market can be defined as a place where buyers and sellers engage in the activity of sale and purchase of goods. The buyer and seller can meet in a shop or a mall and the buyer can pay for the goods or services through cash or credit card or any other mode. Types of Markets There are two main types of markets - wholesale markets and retail markets. A buyer can save a lot of money by buying directly from a wholesale market as the wholesaler buys directly from the producers or the manufacturers. But they do not sell in small quantities. They only sell in bulk. The retailer sells the goods in smaller quantities / numbers but at a higher price, as he / she buys from the wholesaler and adds the cost of transportation, investment of m...