2.1

Question 1

MARKET

Answer 1

a way of bringing together buyers and sellers to buy and sell goods and services

Question 2

MARKET ECONOMY

Answer 2

an economy in which scarce resources are allocated by market forces of supply and demand

Question 3

PRIMARY SECTOR

Answer 3

the direct use of natural resources such as the extraction of materials from the land and sea

Question 4

SECONDARY SECTOR

Answer 4

all activities in an economy that are concerened with either construction or manufacturimg

Question 5

TERTIARY SECTOR

Answer 5

all activities in an economy that involve a service

Question 6

FACTOR MARKET

Answer 6

market in which the services of the goods of production are bought and sold

Question 7

PRODUCT MARKET

Answer 7

market in which final goods and services are offered to the customer

Question 8

EXCHANGE

Answer 8

the giving up of something an individual has in return for something they wish to have

Question 9

SPECIALISATION

Answer 9

the process by which individuals, firms, regions and whole economies concentrate on producing a product they are best at producing

Question 10

DIVISION OF LABOUR

Answer 10

where workers specialise in or concentrate on one area of the production process