the market Flashcards
1
Q
what is the definition of a market ?
A
a place or situation where buys and sellers meet to exchange goods and services.
2
Q
What is market equilibrium ?
A
the price where the quantity supplied equals the quantity demanded and the market is cleared. consumers satisfaction and producer profits are maximised 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 and service happen without physical face transactions internet eg tradme telephone call portal service texting
