What role do markets play in society?

Markets can be classified into physical and ___ forms.

Online

True or False: According to Adam Smith, markets only grow when people can make all their own goods and services.

False. Markets grow when people need goods and services they cannot make themselves.

Fill in the blank: A market is a place where buyers and sellers negotiate a ___ for goods and services.

Price

Riddle: I am a place where goods and services change hands, from fruits to phones, I fulfill demands. What am I?

A market

What are the three economic activities that produce goods for markets?

Primary, secondary, and tertiary activities.

True or False: A buyer is someone who offers goods or services in a market.

False. A buyer is someone who wants to purchase goods or services.

What determines the price of goods in a market?

The price of goods is determined by the interaction between buyers and sellers in the market.

True or False: If buyers do not agree with the seller's price, a transaction will happen.

False; if buyers and sellers do not agree on a price, no transaction occurs.

What typically happens to prices of vegetables at night in weekly markets?

Vegetable Prices are reduced for stock clearance.

Fill in the blank: The 'just right' price balances what buyers can pay and what sellers need to ___ over time.

Earn

How do sellers learn how much to supply in relation to buyers?

Sellers learn how much to supply based on buyers' demand, ensuring fair prices.

Multiple Choice: What might a seller do if the price is set too high and few buyers are purchasing? 
A) Increase the price 

B) Lower the price 
C) Maintain the price 
D) Stop selling

B) Lower the price

What is a common strategy garment stores use at the end of winter for woollen clothes?

Garment stores often discount woollen clothes at winter's end to sell leftover stock.

True or False: In online markets, buyers can physically inspect the goods before purchasing.

False. In online markets, buyers cannot physically inspect the goods before purchasing.

Fill in the blank: Online markets provide ___ and often offer more choices than physical markets.

Convenience

What is a significant disadvantage for sellers in online markets?

High competition among many sellers.

What types of goods can be purchased from online markets?

Goods such as books, clothes, furniture, groceries, and electronics.