Demand and Supply (Junior Cert Business Studies): Quizzes
📚Quizzes
Practise the questions
12 questions from this quiz
ShowHide
Practise the questions
12 questions from this quiz
What is the black market?
What is the black market?
Illegal buying & selling outside economy
Why do black markets exist?
Why do black markets exist?
To fill gaps legal markets cannot meet
What creates perfect conditions for black markets?
What creates perfect conditions for black markets?
Strong demand & very limited supply
What Irish example illustrates black market activity with tickets?
What Irish example illustrates black market activity with tickets?
GAA All-Ireland Final at Croke Park
Why are black market prices typically much higher?
Why are black market prices typically much higher?
Legal risks & limited competition
How do black markets affect legal businesses?
How do black markets affect legal businesses?
Reduce consumer demand for them
Which Irish business is affected by film piracy?
Which Irish business is affected by film piracy?
Omniplex cinema chains
What protection do black market buyers have?
What protection do black market buyers have?
No protection under consumer law
What happens if a counterfeit phone bought illegally breaks?
What happens if a counterfeit phone bought illegally breaks?
Cannot return for refund or compensation
What taxes does government lose from black market sales?
What taxes does government lose from black market sales?
VAT, income tax & other taxes
What Irish public services lose funding due to black markets?
What Irish public services lose funding due to black markets?
Hospitals, schools & roads
Why does the black market make economic planning difficult?
Why does the black market make economic planning difficult?
It's hidden from official statistics