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Topic 1: Market
Microeconomics ch. 3 - Demand, Supply, and Market Equilibrium
| Question | Answer |
|---|---|
| A ______ is an institution or mechanism that brings together buyers (demanders) and sellers (suppliers) of particular goods and services | Market |
| A ______ is any place or system where buyers and sellers interact to exchange goods or services. | Market |
| NOTE (In this chapter, the focus is on markets that are competitive. This requires large numbers of buyers and sellers acting independently. ) | NOTE (In this chapter, the focus is on markets that are competitive. This requires large numbers of buyers and sellers acting independently. ) |
| Interactions between buyers and sellers can come from ______, ______, or ______ markets. | Local National International |
| When it comes to markets, ______ is discovered in the interactions of buyers and sellers. | Price |
| The farmer’s market that brings together buyers and sellers of produce in the summer is an example of a(n) ______ | Local market |
| The US real estate market is an example of a(n) ______ | National market |
| A grocery store is an example of a ______ | Market |
| Online shopping (Amazon, Etsy) is an example of a ______ | Market |
| A job market (workers sell labor, employers buy labor) is an example of a ______ | Market |
| ______ are people or groups who want to purchase a good or service. | Buyers |
| Students buying textbooks is an example of a _______ | Buyer |
| ______ are people or businesses that produce and sell goods or services. | Sellers |
| Publishers selling textbooks is an example of a ______ | Seller |
| A ______ is a market with many buyers and many sellers, where no single buyer or seller controls the price. | Competitive Market |
| Farmers selling corn is an example of a ______ | Competitive Market |
| A ______ is a market where goods and services are bought and sold. | Product Market |
| Clothing stores are an example of a ______ | Product Market |
| A ______ is a market where resources (labor, land, capital) are bought and sold. | Factor Market |
| A company hiring workers is an example of a ______ | Factor Market |
| NOTE (The goal of the chapter is to explain the way in which markets adjust to changes and the role of prices in bringing the markets toward equilibrium.) | NOTE (The goal of the chapter is to explain the way in which markets adjust to changes and the role of prices in bringing the markets toward equilibrium.) |
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22gonzalez
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