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Markets
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StudBud Administration
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Formative assessment of markets
Flashcards
15 cards
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Practice quiz
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Questions
15
Answers
1
Prices in a market are determined by...
Supply forces only
Buyers and sellers through demand and supply
Buyers
Sellers
2
In a market, the flow of goods/services and money move in....
The same direction
Northern direction
Southern direction
The Opposite direction
3
The goods market is where goods and services are exchanged for money.
True
False
4
Labour is sold on the product market.
True
False
5
Businesses pay rent, salaries and interest as payment for factors of production.
True
False
6
Wages and salaries are determined in the labour market.
False
True
7
Businesses buy factors of production from...
Product markets
Exports and imports
The government
Households
8
Households buy goods and services from the product market
True
False
9
A market is a meeting place for buyers and sellers for the purposes of an exchange.
True
False
10
Households sell their factors of production on the factor market.
True
False
11
... are the consumers of goods and services
Households
Product market
Factor market
Suppliers
12
The JSE (Johannesburg stock exchange) is an example of a ....
What is the JSE
Financial market
Product market
Service market
13
A factor market is a market that exchanges factors of production.
True
False
14
Businesses need factors of production to produce goods and services.
False
True
15
... are the distributors and producers of goods and services.
Demand and supply
Households
Businesses
Consumers
