2.1 The Role of Markets Flashcards
1
Q
What is a Market?
A
A market is a way of bringing together buyers and sellers to buy and sell goods and services.
2
Q
What is a Market Economy?
A
An economy where resources are allocated by the market forces of supply and demand.
3
Q
What is the Primary Sector?
A
The direct use of natural resources, such as the extraction of basic materials and goods from land and sea.
