Market (basic) Flashcards
1
Q
What is a market?
A
A market is made up of all the producers of a particular good or service and all the consumers of that good or service.
2
Q
Is there a limit for producys in a market?
A
No, There is a market for every type of good and service
3
Q
Where is a market?
A
A market is not a particular place. Economically, market for a particular product or service as being made up of any person or organisation who wants to buy or sell a particular product or service.
4
Q
Example for: Global size market, National size market and Local market.
A
Global: Amazon, Ebay
National: Pak’n Save, Countdown
Local: Sunday markets, diaries
