ECONOMICS
ENTREPRENEURS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Where you get your groceries
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Where individuals buy things
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A place where suppliers of and those who demand a certain product can make exchanges.
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Where individuals/companies supply products.
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Detailed explanation-1: -A market is a place where buyers and sellers can meet to facilitate the exchange or transaction of goods and services. Markets can be physical like a retail outlet, or virtual like an e-retailer. Other examples include illegal markets, auction markets, and financial markets.
Detailed explanation-2: -A supplier is a person or business that provides a product or service to another entity. The role of a supplier in a business is to provide high-quality products from a manufacturer at a good price to a distributor or retailer for resale.
Detailed explanation-3: -Definition of Market Exchange (noun) An economic system in which goods and services are produced, distributed, and exchanged by the forces of price, supply, and demand.
Detailed explanation-4: -The product market is where goods and services are sold and bought, while the factor market is where different factors of production like land, capital, and labor are bought and sold.
Detailed explanation-5: -What is another name for the resource market? A resource market may also be referred to as a factor market. Economists use it to separately refer to all the resources that businesses employ to legally acquire what they need to undertake in the production of goods and services. It can also be termed the input market.