2.1 - Market Flashcards
1
Q
Market
A
a place where buyers and sellers meet for the exchange of goods/services
2
Q
Primary sector
A
growing and obtaining raw materials
3
Q
Secondary sector
A
developing raw materials into a product
4
Q
Tertiary sector
A
a human skill/ability sold to consumers
5
Q
Product market
A
where finished products/services are sold to consumers
6
Q
Factor market
A
arrangement of buying/selling factors of production
7
Q
Specialisation
A
when workers/firms/countries focus on producing one good/service
8
Q
Exchange
A
giving up something in order to gain another
9
Q
Production
A
process which converts inputs into outputs
