The Term "Market" Refers to

question 433

Multiple Choice

The term "market" refers to

• A) trading arrangements that have been approved by the government.
• B) any arrangement that enables buyers and sellers to get information and trade with one another.
• C) physical structures only.
• D) locations where buyers and sellers physically meet.

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Definitions:

Substitute Resources

Alternative resources that can be used in place of another for the production of goods and services.

Resource

A source or supply from which benefit is produced, typically natural, human, or capital resources used to produce goods and services.

Minimum Wage

The lowest legally allowable pay per hour for workers, set by government policy.

Market Equilibrium

A market state where the supply of goods matches demand, leading to stable prices.