Economics 2.1- The Role of Markets
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9 Terms
Market
A way of bringing together buyers and sellers to buy and sell goods and services
Market Economy
Where all resources are allocated by private individuals and groups of individuals
Primary Sector
The direct use of natural resources, such as extraction of basic materials and goods from the land and sea
Secondary Sector
All of the activities in an economy that are concerned with manufacturing or construction
Tertiary Sector
All of the activities in an economy that involve a service eg rail/transport
Factor Market
A market in which the service of the Factors of Production are bought and sold
Product Market
A market in which the final goods and services are offered to consumers, businesses and the public sector
Exchange
The giving up of something that the individual or firm has, in return for something they wish to have but do not possess
Specialisation
The process by which individuals, firms, regions or countries concentrate on producing those products that they are best at producing
