Market Flashcards
1
Q
What is the definition of a market ?
A
A place or situation where buyers + sellers meet to exchange goods + services.
2
Q
How can you exchange goods and services in a market ?
A
Money via the price system
Barter
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 consumers satisfaction is maximised.
4
Q
How can a market be a place ?
A
It is any market that there is physical face to face interaction with buyers and sellers.
5
Q
How is a market a situation ?
A
Its is a market that you can exchange goods or services without physically meeting each other. e.g. internet, NZX, trade me.
6
Q
What are types of money to exchange goods or services ?
A
- cash or cheque
- FFT Pos
- Debit cards
- Credit card
- Internet banking
