market system Flashcards
(8 cards)
what types of market are there
consumer market, resource market, industrial market, intermediate market, commodity market, niche market
what is an intermediate market
where consumers interact to buy, sellers can be retailers, sellers can use other sales media
what is an invisible market
not face to face, online
what is a market
where buyers and sellers interact to exchange goods and services usually for money
what is a niche market
section of the market that focuses on providing a specific type of product / supplying to a specific group of people, satisfying specific market needs
what is an industrial market
businesses sell to other businesses, not to the final consumer, used to make new products
what is a commodity market
buying and selling products from the primary sector of the industry
what is resource allocation
allocating resources to a specific market, moving in and out of different markets if a market fails
