Market Flashcards
1
Q
What is the definition of a market?
A
A place or situation where buyers + sellers meet to exchange goods or services.
2
Q
How can you exchange goods and services in a market?
A
Money-via the price system.
Barter
3
Q
What is market equilibrium?
A
It is the price where the quantity supplied equals the quantity demanded. The market is cleared. At this point combined producer profits and consumer satisfaction is maximised.
4
Q
How can a market be a place?
A
It is any market that there is a physical face to face interaction with buyers + sellers.
5
Q
How is a market a satisfaction?
A
It is a market that you can exchange goods or services without physically meeting each other. e.g. internet, trade me, NZX.
6
Q
What are types of money to exchange goods + services.
A
Cash or cheque eft pos debit card credit card internet banking
