Regulatory affairs and classification of the market based on the time period

[SingPinki]

Markets can be classified on the basis of time for which it exists. The chief categories of such classifications are very short period markets, short period markets, long period markets and secure period markets. The ‘very short period’ markets are very short lived. They exist only for a few hours or a day. Generally these markets deal in perishable goods such as vegetables, milk, fishes etc. Regular village one-day fairs that were common in some villages is an example of such a market.

The short period markets exist for a few days, a week or two weeks depending on the stock of goods available for sale with the sellers. The market winds up when the stocks are depleted. The regulatory authorities may fix a time for the operation of these markets. All the exhibitions, festive sales, trade fairs etc come under this category.

The long period markets are permanent markets dealing in durable goods like cloth, utensils, electronics, gold etc. The supply of these commodities can be increased in such markets, if the demand for goods rises. The secure markets are those that exist for a very long period. This is generally referred on the basis of historical period and in this forces of supply play a very important role and supply is able to adjust in accordance with changes in demand.

Regulatory affairs experts play a leading role in regulating and defining the functioning of all types of markets. This has become highly essential due to the phenomenal increase in all types of trade and transactions. Proper rules and regulations actually facilitated smooth transactions and ensured fair play in the market.