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Description
Flashcards by Hibah Albadri, updated more than 1 year ago
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Created by Hibah Albadri
over 6 years ago
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| Question | Answer |
| What is a market? | A market does not refer to a specific place, it refers to any transaction or exchange of goods and services between producers and consumers. |
| What are goods? | Physical items that you can buy. |
| What are services? | Services are actions that other people perform for us in exchange for money. |
| What are producers? | They provide us with the goods and services. |
| What are consumers? | Consumers buy the goods and services |
| What is virtual market? | Market transactions between producers and consumers through online websites and resources. |
| What is the economic problem of scarcity? | Having limited resources and yet unlimited needs and wants as consumers. |
| How do producers and consumers overcome this problem? | They have to make different choices such as what we as consumers would prioritise to buy over other unnecessary wants because of limited income. |
| What are some types of markets? | Sports/leisure, stock, wholesale, labour, property/housing, finance/banking, retail, agricultural, foreign exchange and commodity. |
| What is the sports and leisure market about? | Includes tourism, travel, sports equipment and other forms of digital and non-digital entertainment. |
| What is the stock market about? | Shareholders and companies buy and sell shares for investment. |
| What is the finance and banking market about? | Financial institutions such as banks lend and borrow from savers and exchange interest. |
| What is the property and housing market about? | The buying and selling of of property and houses. |
| What is the foreign exchange market about? | Currency, tourism and export and import businesses. |
| What is the agricultural market about? | The products produced on farms and sold to wholesalers who sell the products then to retailers. |
| What is the commodity market about? | Includes the mining industry and raw materials such as gold, timber, coal, oil and natural gas. |
| What is the labour market about? | Employers employ workers to perform tasks in exchange for an income. |
| What is the wholesale market about? | Wholesalers supply goods in mass quantities to retailers. |
| What is the retail market about? | Retail markets are the typical exchange between producers and consumers in shops, malls and shopping centres that are owned by small businesses or companies. |
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