Understanding Markets: 21 flashcards
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1. What is a market?
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A place or system where buyers and sellers exchange goods and services.
2. Define price in a market.
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The amount at which a buyer is willing to buy and a seller is willing to sell.
3. What helps buyers and sellers agree on a price?
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Negotiation and bargaining.
4. What happens if the price is set too high?
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Buyers may not purchase the good.
5. What happens if the price is set too low?
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Sellers may not make a profit.
6. What does market price balance over time?
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Supply and demand.
7. Give two examples of physical markets.
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Haats and malls (or local shops, mandis).
8. How do online markets operate?
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Through apps or websites, often with home delivery.
9. What is the role of a wholesaler?
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Buys in bulk and sells to retailers.
10. What is the role of a retailer?
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Sells goods to final consumers.
11. What do distributors do?
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Bridge gaps between wholesalers and retailers.
12. What are aggregators in online markets?
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Online platforms that combine offers from multiple sellers.
13. Differentiate domestic and international markets.
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Domestic markets operate within a country; international markets involve exports and imports.
14. Why is Surat famous as a market?
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It is a major textile market and hosts the world's largest diamond industry.
15. How do markets signal consumer preferences?
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By influencing what producers make based on demand.
16. What is the difference between needs and wants?
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Needs are essentials for survival; wants are desires not essential for survival.
17. What was the Hampi Bazaar known for?
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A prosperous market in the Vijayanagara Empire with diverse goods.
18. What is the purpose of cold storage in the supply chain?
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Preserves perishable goods.
19. What is traded in stock markets?
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Shares of companies, not physical goods.
20. Name two major imports of India.
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Vegetable oils and crude petroleum (or diamonds).
21. Name two major exports of India.
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Software and pharmaceuticals (or engineering goods).
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