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