The market Flashcards
1
Q
What is the definition of a market
A
A place or a situation where buyers + sellers meet to exchange goods and or services
2
Q
What is market equilibrium
A
The price where the quantity supplied equals the quantity cleaned and the market is cleared consumer satisfaction and producers profit are maximised at this point
3
Q
How can goods or services be exchanged ?
A
Barter
Money
4
Q
What is a market place
A
A physiacal environment where face to face transaction happen
