market

Question 1

what is the definition of a market?

Answer 1

a place or situation where buyers + sellers meet to exchange goods + services

Question 2

How can you exchange goods + services in a market?

Answer 2

• Money - via the price system.

* Barter - Trade with no price.

Question 3

What is market equilibrium?

Answer 3

It is the price where the quantity supplied equals the quantity demanded. The market is cleared. At this point combined producer profits and consumers satisfaction is maximised.

Question 4

How can a market be a place?

Answer 4

It is any market that there is physical interaction (face to face) with buyers and sellers.

Question 5

How is a market a situation?

Answer 5

It is a market that you can exchange goods or services without physically meeting each other. e.g. internet - Trade me , NZX , Amazon.
Postal services - mail order
Telephone - Landline or cellphone
Texting

Question 6

What are the types of money to exchange goods + services

Answer 6

• Cash or cheque
• Eft-pos
• Debit cards
• Credit cards
• Internet banking