Market Deck! Flashcards
What is the definition of a market?
A place or situation where buyers and sellers meet to exchange good and services.
How do you exchange goods and services in a market? this one
Money - via the price system
Barter
What is the Market equilibrium? this one
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? this one
It is any market that there is physical face to face interaction with buyers and sellers.
How is a market a situation? this one
It is a market that you can exchange goods or services without physically meeting each other. e.g trade me, nzx the post, tele market, texting.
What are types of money to exchange goods + services this one
Cash or cheque Eftpos Debit Credit Internet bank
