the market Flashcards
(5 cards)
1
Q
What is the definition of a market?
A
A place or 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 demanded and the market is cleared.
ant this point consumer satisfaction and producers profits are maximised at this point.
3
Q
How can goods or services be exchanged?
A
Barter
money - credit & cash
4
Q
What is a market place?
A
A physical environment where face to face transaction happen.
5
Q
What is a market situation?
A
Where exchange of goods and services happen without physical face to face transactions.
Telephone
postal service
Texting
