The Market can be classified on the basis of Economics as follows:
(a) Perfect Market: A market is said to be a perfect market, if it satisfies the following conditions:
1. Large number of buyers and sellers are there.
2. Prices should be uniform throughout the market.
3. Buyers and sellers have a perfect knowledge of market.
4. Goods can be moved from one place to another without restrictions.
(b) Imperfect Market: A market is said to be imperfect when
1. Products are similar but not identical.
2. Prices are not uniform.
3. There is lack of communication.