Markets and Consumers (Junior Cert Business Studies): Flashcards

Place where buyers & sellers exchange goods/services

Physical (e.g., shops) and virtual (e.g., online)

Facilitate distribution of economic resources

Lower prices, better quality, more choice

Only one supplier of a particular good/service

Iarnród Éireann (sole rail transport provider)

Same product sold at different prices to different people

Student discounts, senior discounts, off-peak pricing

Limited competition, separate groups, diff. willingness, no resale

Quantity consumers will buy at different prices

Quantity suppliers will sell at different prices

Prices rise

Prices fall