2 - The Role of Markets and Money Flashcards
(6 cards)
1
Q
Market
A
A way of bringing together buyers and sellers to buy and sell goods and services
2
Q
Market Economy
A
An economy in which scarce resources are allocated by the market forces of supply and demand
3
Q
Primary Sector
A
The direct use of natural resources, such as the extraction of basic materials and goods from land and sea
4
Q
Secondary Sector
A
All activities in an economy that are concerned with manufacturing or construction
5
Q
Tertiary Sector
A
All activities in an economy that involve the idea of a service
6
Q
Factor Market
A
A market in which the services of the factors of production are bought and sold
