A market can be defined as a:

A physical or virtual place for buying and selling goods and services

As a producer of goods and services, it is important to always:

Listen to the consumer and the be aware of what is happening in the market

An Entrepreneur is someone who:

Produces a new good(s) or service(s) from an identified gap in the market

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Introduction to (My) Market Quiz

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This Quiz will test your knowledge and understanding on the basic economic and business concepts around markets.

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Questions 15

Answers

1
A market can be defined as a:
A crowded, bustling place where people yell out random names of fruits
A wonderful place full of affordable and fresh produce for all to enjoy
A dirty place where weird animals are bought and sold
A physical or virtual place for buying and selling goods and services
2
As a producer of goods and services, it is important to always:
Listen to the consumer and the be aware of what is happening in the market
Lower prices to make your product more affordable
Give free things away every now and then to make your customers like you
Increase prices to make more profit
3
An Entrepreneur is someone who:
Cleans up the mess after the market is over
Produces a new good(s) or service(s) from an identified gap in the market
Helps small businesses with their product and marketing strategy
Owns a company that runs markets and market stalls
4
Profit can be defined as: the difference between the amount of money earned and the amount of money spent by a business.
False
True
5
A successful market provides:
A range of high quality products
Fair and affordable prices
Is visually appealing and inviting to customers
All of the above
6
A popular saying is "Money makes the...:
...grass grow
...sky blue
...birds sing
...world go 'round
7
The term demand refers to the level of desire or want for a certain good(s) or service(s) from the consumers...
True
False
8
In basic economics, 'Supply and Demand' theory is a way of:
Protecting the choices of consumers
Setting fair prices for producers and consumers
Protecting the profits of producers
All of the above
9
EBAY is a perfect example of:
A place where people get rid of their junk for others to enjoy
An online market place
A cheap alternative to large department store chains
Where my uncle bought his 'new' exercise bike
10
Our learning goal(s) for this unit are:
To apply these concepts by planning, creating and marketing a product
To understand the basic economic concepts of a market
To collaborate effectively with my peers to create a homeroom market stall
All of the above
11
True or False: We are all consumers, but not all of us are producers:
True
False
12
Which of the following is an example of a good?
A pair of sneakers
A Haircut
A phone conversation with a friend
A visit to the Melbourne zoo
13
In business, there is a saying... "the customer/consumer is always....:
Right
Wrong
Lazy
Silly
14
For Term 3: Integrated Studies our unit is called:
(None of ) My Business
My Town
My City
My Market
15
Which of the following is an example of a service?
A bottle of milk
Turning the television on
A Haircut
Going for a run in the park

Introduction to (My) Market Quiz Flashcards | StudBud