Market Flashcards

1
Q

What is the definition of a market?

A

A place or situation where buyers + sellers meet to exchange goods + services.

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2
Q

How can you exchange goods + services in a market?

A
  1. Money- via the price system

2. Barter- trading with no price.

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3
Q

What is market equilibrium?

A

It is the price where the quantity supplied equals the quantity demanded. The market is cleared. At this point combined producer profits and consumer satisfaction is maximised.

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4
Q

How can a market be a place?

A

It is any market that there is physical (face to face) interaction with buyers + sellers.

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5
Q

How is a market a situation?

A

It is a market that you can exchange goods or services without physically meeting each other. e.g internet- trade me, NZX, Amazon, Postal Services- mail order, texting.

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6
Q

What are types of money to exchange goods + services?

A
  1. Cash or Cheque
  2. Eftpos
  3. Debit Cards
  4. Credit Card
  5. Internet banking
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