3.2 - Meaning of Market
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Practice Questions
Test your understanding with targeted questions
Define 'demand' in your own words.
💡 Hint: Think about what consumers want.
What is meant by 'supply'?
💡 Hint: Consider the availability of goods.
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Interactive Quizzes
Quick quizzes to reinforce your learning
Which of the following best defines a market?
💡 Hint: Think beyond just physical locations.
True or False: A market requires both demand and supply to operate.
💡 Hint: Consider the essential components of market activities.
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Challenge Problems
Push your limits with advanced challenges
Consider a small town where a new product is introduced, and there is initially high demand but limited supply. Analyze the potential impact on pricing over the first month.
💡 Hint: Think about market dynamics in response to these conditions.
Evaluate how changes in technology might affect demand for traditional modes of transport.
💡 Hint: Consider how innovations disrupt existing markets.
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