[Solved] The term "market" in Economics means -

McqMate

Q.	The term "market" in Economics means -
A.	A central place
B.	Presence of competition
C.	Place where goods are stored
D.	Shops and super bazars
Answer» A. A central place
Explanation: The most important defining characteristic of a market in economics is that it allows buyers and sellers to exchange any type of goods, services and information. According to Walter Christaller's 'Central Place Theory,' a central place is a market center for the exchange of goods and services by people attracted from the surrounding area. The central place is so called because it is centrally located to maximize accessibility from the surrounding region.

725

0

Do you find this helpful?

2

View all MCQs in

Discussion

No comments yet

Related MCQs

The market for long term loanable funds as different from the market that deals in short term loans is called:
The terms "Micro Economics" and "Macro Economics" were coined by -
The process of converting short term to long term debt by the sale of long term securities and using the funds raised to pay off short-term debt is called:
Which terns is used in economics for the market value of all goods and services in one year by labour and properly supplied by the residents of the country?
The term 'Macro Economics' was used by .
Demand in Economics means :
In Economics, production means -
Inwhich market structure is the demand curve of the market represented by the demand curve of the firm?
Money market is a market for -
The system of agricultural support by which market prices are fixed at above free market levels and government buys surpluses, thus supporting prices and raising farmer’s income is called: