Please enable JavaScript.
Coggle requires JavaScript to display documents.
2.1 revision - Coggle Diagram
2.1 revision
exam criteria
-
-
-
-
Explain the difference between primary, secondary and tertiary markets
-
-
-
key vocab
Exchange – The giving up of something that you have in return for something that you desire but do not have
-
-
-
-
product market
A market where finished goods or services are offered to consumers, businesses and the public sector. They are not concerned with the buying and selling of raw materials.
Effective product markets ensure consumers benefit from lower prices and increased choice by increasing competition. They also encourage firms to innovate. Price is determined by the interaction of supply and demand.
factor market
The market where the services of the factors of production (CELL) are bought and sold. Price for each factor is based on supply and demand and is a derived demand.