Market Flashcards
What is the definition of market?
a place or situation where buyers + sellers meet to exchange goods + services.
How can you exchange goods + services in a market?
- money -via the price system
- banter
What is market equilibrium
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.
How can a market be a place?
It is any market that there is physical face to face interaction with buyers + sellers.
What is a market situation?
It is a market that you can exchange goods or services without physically meeting each other. EG internet- Trade Me, NZX, Amazon.
Post Services-mail order
Telephone- land line on
What types of money exchange is there?
cash, cheques, eftpos, debit cards, credit cards,
