Market — Flashcards
Gujarat Board · Class 11 · Economics
24 flashcards for Market (Gujarat Board Class 11 Economics) to test yourself on key terms and facts. Sample: "What is a Market in Economics?"
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What is a Market in Economics?
Answer
A market is the system through which buyers and sellers get in contact with each other directly or indirectly for the sale or purchase of goods or services. It is a functional system where buyers and …
List the five main characteristics of a Market.
Answer
1. Numerous Sellers and Buyers 2. Goods and Services 3. Contact (direct or indirect) 4. Price determination 5. Information about market situation…
What are the four types of markets based on location?
Answer
1. Local Market - limited to city or village 2. Regional Market - limited to a region or state 3. National Market - spread throughout the country 4. International Market - extended to various countrie…
Differentiate between Wholesale Market and Retail Market.
Answer
Wholesale Market: Sales and purchase done on large scale. Wholesale traders buy from producers and sell to retail traders. Retail Market: Sales and purchase done on small scale. Retail traders buy in …
Define Perfect Competition and state why it's considered theoretical.
Answer
Perfect Competition is an ideal market structure with numerous buyers and sellers, identical products, and no single firm can influence market price. It's considered theoretical because the conditions…
What are the six main characteristics of Perfect Competition?
Answer
1. Numerous Buyers and Sellers 2. Identical Products 3. Free Entry and Exit of Firms 4. Perfect Knowledge of Market 5. Mobility of Factors of Production 6. No Transportation Expenses…
What does 'Identical Products' mean in Perfect Competition?
Answer
Identical products means products having similar features, form, shape, colour, taste, weight, and quality. These products are similar in major aspects and can be taken as substitutes of each other. S…
Define Monopoly and explain its origin.
Answer
Monopoly is a market structure with only one seller or producer. The word originates from Greek words 'Monos' (Single) and 'Polein' (Seller). In monopoly, there is only one enterprise controlling the …
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