The Economy: Markets

TYPES OF MARKETS
1. Goods and services market (OUTPUTS)
  Annotations:
  - Households buy goods and services on a goods and services market.
  1. Local farmers market
  2. Spaza shops
  3. Mail order business
  4. Travelling salesman
  5. Shopping malls
  6. Online trading
2. Factor market (INPUTS)
  Annotations:
  - A factor market is a market for the selling of the factors of production: Natural resources, abour, capital, entrepreneurship.
  1. Labour market
    1. Those who want to employ
    2. Workers who are looking for jobs
  2. Financial market
    1. Those who want to invest
    2. Those who need capital
  3. Markets for Natural resources
    Annotations:
    - For example, an auction where huge quantities of crop are sold.
What is a market?
1. A market usually refers to a place where buying and selling takes place, however market is also an abstract term because buying and selling does not have to happen at an actual place. Buying and selling goods and services can also take place telephonically.
Characteristics of a well functioning market
1. Many buyers and sellers
2. Products are comparable
3. Buyers and sellers have equal access to information

Resource summary

	Created by Suviyanta Dhaja over 4 years ago