Exam code: 0455 & 0987
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Define market.
A market is any place or process that brings buyers and sellers together to exchange goods and services.
In a market, create demand, and provide supply.
In a market, buyers create demand, and sellers provide supply.
What determines prices and quantities in a market?
Prices and quantities in a market are determined by the interaction between buyers and sellers.
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Define market.
A market is any place or process that brings buyers and sellers together to exchange goods and services.
In a market, create demand, and provide supply.
In a market, buyers create demand, and sellers provide supply.
What determines prices and quantities in a market?
Prices and quantities in a market are determined by the interaction between buyers and sellers.
Define buyer (consumer).
A buyer (or consumer) is someone whose choices and preferences determine demand for goods and services in a market.
What is the difference between a product market and a factor market?
A product market is where goods and services are exchanged, while a factor market is where factors of production are exchanged.
An market is a place where buyers and sellers interact via the internet, such as Shopee.
An online market is a place where buyers and sellers interact via the internet, such as Shopee.
True or False?
A market must be a physical place like a building or a shop.
False.
In economics, a market can be any system, including virtual platforms, where buyers and sellers meet.