Market Flashcards
What is the definition of market?
A place or situation where buyers + sellers meet to exchange goods and services
How can you exchange goods and services in a market?
Money-via the price system
Barter
What is market equilibrium
It is the price where the quantity supplied= the quantity demanded. the market is cleared. At this point combined producer profits and consumer satisfaction is maximised
How can a market be a place?
It is any market that there is physical face to face interaction with buyers and sellers
How is a market a situation?
It is a market that you can exchange goods and services without physically meeting each other
e.g- internet, tradme, nzx, amazon
postal services- mail order
telephone- land line on cellphone
What are types of money to exchange goods + services?
cash or cheque eftpos debit cards credit cards online banking
