A market is a place or system where goods and services are bought and sold by buyers and sellers.
2. What are the different types of markets?
Local markets, National markets, and Global markets.
3. How do demand and supply affect market prices?
Demand (consumer interest) and supply (product availability) interact to determine the price. High demand and low supply raise prices, while high supply and low demand lower prices.
4. What is the role of buyers and sellers in a market?
Buyers purchase goods and services, while sellers offer them for sale.
5. What is the role of middlemen in markets?
Middlemen (like wholesalers and retailers) help move goods from producers to consumers and may add value to the products.
6. What happens when there is competition among sellers in a market?
Competition among sellers usually leads to lower prices and more variety for buyers.
7. How do markets affect the economy?
Markets help in the distribution of goods, influence prices, create employment, and promote economic growth.
8. What is globalization’s effect on markets?
Globalization has led to interconnected markets, where goods can be traded internationally, increasing the availability of products worldwide.
9. How does a local market differ from a global market?
Local markets deal with goods and services within a small area, while global markets involve international trade.
10. What factors influence the price of goods in a market?
Demand, supply, competition, and cost of production influence the price of goods.