Mercado, Oferta y Demanda

What is the concept of a market in economic terminology?

• An area where buyers and sellers maintain commercial relationships.

• A place where only buyers gather to purchase goods.

• A system that eliminates the need for trade.

• A method of production.

What does the origin of the market relate to?

• The realization of trade by primitive man.

• The establishment of currency.

• The invention of agriculture.

• The development of technology.

What is the role of commerce in relation to the market?

• To overcome obstacles of space and time.

• To eliminate competition.

• To reduce prices.

• To limit consumer choices.

What is the definition of a market?

• A group of real and potential consumers of a product.

• A place where only goods are exchanged.

• A system of barter.

• A method of production.

What is the purpose of market research?

• To link consumers with marketers through information.

• To eliminate competition.

• To increase prices.

• To reduce consumer choices.

What are the four fields where market research can be applied?

• Consumer, Product, Market, Advertising.

• Production, Distribution, Sales, Marketing.

• Finance, Management, Operations, Strategy.

• Human Resources, IT, Customer Service, Logistics.

What is a wholesale market?

• A market where goods are sold in large quantities.

• A market where only retail sales occur.

• A market that only sells luxury items.

• A market that operates online.

What is a retail market?

• A market where goods are sold in small quantities directly to consumers.

• A market that only sells in bulk.

• A market that operates only during specific hours.

• A market that sells only perishable goods.

What are the three fundamental questions that every economic system poses?

What is a perfectly competitive market?