 |  Understanding Markets 24 Flashcards |  Start |
 | What is a market? |  Card: 1 / 24 |
|  A place where people buy and sell goods and services. | Card: 2 / 24 |
| Fill in the blank: The ______ system was used before the invention of money to exchange goods and services. | Card: 3 / 24 |
|  Barter | Card: 4 / 24 |
| True or False: Markets only exist in physical forms like shops and bazaars. | Card: 5 / 24 |
|  False. Markets can also be online, using apps or websites. | Card: 6 / 24 |
| Which of the following is NOT a characteristic of a market? A) Buyers B) Sellers C) Prices D) Only cash transactions | Card: 7 / 24 |
| D) Only cash transactions (we can also make online payments)
| Card: 8 / 24 |
| How do high prices affect buyer behaviour? | Card: 9 / 24 |
| Fewer buyers will purchase, prompting sellers to lower the price. | Card: 10 / 24 |
| True or False: International markets involve trade only within a single country. | Card: 11 / 24 |
|  False. International markets involve trade across different countries. | Card: 12 / 24 |
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| What role do wholesalers play in the market? | Card: 13 / 24 |
|  Wholesalers buy large quantities from producers and sell smaller quantities to retailers. | Card: 14 / 24 |
| Which certification indicates that food is safe to eat? | Card: 15 / 24 |
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| Card: 16 / 24 |
FSSAI (Food Safety & Standards Authority of India) | What is the purpose of a distributor in the market? | Card: 17 / 24 |
| To help wholesalers reach retailers, especially in challenging terrains. | Card: 18 / 24 |
| Which mark certifies quality for agricultural products? | Card: 19 / 24 |
|  AGMARK | Card: 20 / 24 |
| Riddle: I help you buy products that meet certain safety standards, and I am known by my initials. What am I? | Card: 21 / 24 |
|  ISI Mark | Card: 22 / 24 |
| Fill in the blank: The government sets maximum prices for essentials to protect ______. | Card: 23 / 24 |
| Buyers | Card: 24 / 24 |
| Completed! Keep practicing to master all of them. |  Restart |
