The market Flashcards

1
Q

What is the definition of a market

A

A place or a situation where buyers + sellers meet to exchange goods and or services

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2
Q

What is market equilibrium

A

The price where the quantity supplied equals the quantity cleaned and the market is cleared consumer satisfaction and producers profit are maximised at this point

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3
Q

How can goods or services be exchanged ?

A

Barter

Money

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4
Q

What is a market place

A

A physiacal environment where face to face transaction happen

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