The Market Flashcards
1
Q
What is the definition of a Market?
A
A place or situation where buyers + sellers meet to exchange goods and or services.
2
Q
What is Market Equilibrium?
A
The price where the quantity supplied equals the quantity demanded ad the market is cleared. Consumer satisfaction and producer profits are maximized at this point.
3
Q
How can goods or services be exchanged?
A
- Barter
- Money- Credit
- Cash
4
Q
What is a market place?
A
A physical environment where face to face transactions happen.
5
Q
What is a market situation?
A
Where exchange of goods + services happen without physical face to face transactions.
- Internet - TradeMe
- Telephone call
- Posta
