Market Flashcards
(6 cards)
1
Q
What is the definition of a market
A
A place or situation where buyers and sellers meet to exchange goods and services
2
Q
How can you exchange goods and service 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 producers 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
It is a market that you can exchange goods and services without physically meeting each other.
6
Q
What are examples of money
A
Cash Cheques eftpos debit cards internet banking
