Concept of Market — Flashcards
CBSE · Class 11 · Entrepreneurship
20 flashcards for Concept of Market (CBSE Class 11 Entrepreneurship) to test yourself on key terms and facts. Sample: "What is the origin and meaning.
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What is the origin and meaning of the word 'market'?
Answer
The word 'market' is derived from the Latin word 'marcatus' meaning merchandise, ware, traffic, trade or a place where business is conducted. It represents any arrangement where buyers and sellers com…
Define Traditional Markets according to the American Market Association.
Answer
'At every point where a specific commodity is concentrated for sale a market is found.' Traditional markets emphasize: (1) Place - goods available at specific locations, (2) Different markets for diff…
How did Carnot's definition expand the concept of market?
Answer
Carnot defined market as 'the whole of any region where buyers and sellers are in such free intercourse with one another that the price of the same goods tend to equality easily and quickly.' This exp…
What is E-Commerce and how does it differ from E-Business?
Answer
E-Commerce: Electronic communication among enterprises including customers, suppliers, business partners focusing on buying and selling over the internet. E-Business: Broader term covering all electro…
List any four roles of E-Business in promoting business community.
Answer
(1) Quick Solution to Doubts - allows instant response to customer queries, (2) Updated Information - provides latest information about price, quality, features through websites, (3) Extending Markets…
What are the two main categories of market environment forces?
Answer
Market environment forces are categorized as: (A) Micro (Internal) Environment - Primary forces that are close to the organization: Producer/Seller, Customers, Competitors, Suppliers, Marketing Interm…
Why are customers considered the most influential force in micro environment?
Answer
Customers are called 'the king' because: (1) Consumer satisfaction is the foundation of successful business, (2) Business must produce according to customer needs, (3) Customer demand directly affects…
Define Market Research according to A.G.R. Deiens.
Answer
Market Research is 'the systematic study and evaluation of all factors bearing on any business operations which involves the transfer of goods from a producer to a consumer.' It helps organizations ga…
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Sources & Official References
- NCERT Official — ncert.nic.in
- CBSE Academic — cbseacademic.nic.in
- CBSE Official — cbse.gov.in
- National Education Policy 2020 — education.gov.in
Content is aligned to the official syllabus. Refer to the board website for the latest curriculum.
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