Market Basics
A market is a place where buyers and sellers exchange what?
Goods
Prices in a market economy are determined by supply and ______.
Demand
The market where houses are bought and sold.
Housing
What kind of price market is a supermarket?
Fixed
When demand is high and supply is low, prices go ________.
Up
Every market needs a buyer and a ________.
Seller
The government or the market — which sets prices?
Market
The market where company shares are traded.
Stock
What kind of price market is eBay?
Negotiable
When supply increases, prices usually go ________.
Down
True or False: All markets must be physical places.
False
Who combines land, labour and capital?
Entrepreneur
What type of market sells food from local farms?
Farmers
Houses are sold in a ________ price market.
Negotiable
The Perth housing market in 2024 had a shortage of ________
Supply
What keeps prices fair in markets?
Competition
What term describes an economy driven by buyers and sellers?
Market
What type of market sells globally traded items like diamonds?
Global
Kmart sells goods at ________ prices.
Fixed
A lack of supply and high demand causes ________.
Inflation
The housing and stock market are both examples of different ________.
Markets
What decides what goods and services are produced?
Demand
What determines the type of market — the good or the ________?
Service
The housing market changes because prices can be ________.
Negotiated.
Businesses try to keep costs low to make more ________.
Profit