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Economics: Market Definition

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Questions and Answers

What is the economic definition of a market?

A zone or situation in which trade can take place with artificial restrictions on transactions

A zone or situation in which trade can take place without any artificial restrictions on transactions (correct)

A collection of transactions of the same nature, occurring when potential sellers of a good or service are in contact with potential buyers

A set of actual or potential buyers

What type of market sells vegetables, fruits, food, and primary produce?

Consumers markets

Civic markets (correct)

Money and capital market

Financial markets

What is common in all types of markets?

Artificial restrictions on transactions

Only wholesale transactions

Some form of communication between parties (correct)

Face-to-face interaction between buyers and sellers

What is the business definition of a market?

A collection of selling opportunities Signup and view all the answers

What type of market is concerned with finance and insurance companies?

Financial markets Signup and view all the answers

What is the set of actual or potential buyers referred to as?

Market Signup and view all the answers

What is the primary goal of a marketing manager?

To satisfy the needs of consumers Signup and view all the answers

What is the principle that a marketing manager should follow?

Being consumer-focused Signup and view all the answers

What is the objective of integrated marketing?

To complement and reinforce the market impact of different marketing methods Signup and view all the answers

What is market research concerned with?

All those factors that affect the product and its sale Signup and view all the answers

What is the expected impact of the Internet on marketing?

A change in consumer behavior, with more use of the Internet for information and comparison Signup and view all the answers

What is the importance of marketing policies and procedures?

To create a good public image Signup and view all the answers