The term ‘market’, as used by
economists, is an extension of the ancient idea of a market as a place where
people gather to buy and sell goods. In former days part of a town was kept as
the market or marketplace, and people would travel many kilometers on special
marketdays in order to buy and sell various commodities. Today, however,
markets such as the world sugar market, the gold market and the cotton market
do not need to have any fixed geographical location. Such a market is simply a
set of conditions permitting buyers and sellers to work together.
In a free market, competition takes place among sellers of
the 10 same commodity, and among those who wish to buy that commodity. Such competition,
influences the prices prevailing in the market. Prices inevitably fluctuate,
and such fluctuations are also affected by current supply and demand.
Whenever people who are willing to sell a commodity contact
people who are willing to buy it, a market for that commodity is created. Buyers
and sellers may meet in person, or they may communicate in some other way: by
letter, by telephone or through their agents. In a perfect market,
communications are easy, buyers and sellers are numerous and competition is
completely free. In a perfect market there can be only one price for any given commodity:
the lowest price which sellers will accept and the highest which consumer will
pay. There are, however, no really perfect market, and each commodity market is
subject to special conditions. It can be said however that the price ruling in
a market indicates the point where supply and demand meet.
(Taken from A Rapid Course in English for Students of Economics by Tom
McArthur)
Questions
7.
What
three means are mentioned by which buyer and seller can communicate if they do
not meet in person?
Answer:
If buyer and seller do not meet in
person, they may communicate in some other way: by letter, by telephone or
through their agents
8.
What
are the characteristics of a perfect market?
Answer:
In a perfect market, communications are easy, buyers
and sellers are numerous and competition is completely free. In a perfect
market there can be only one price for any given commodity: the lowest price
which sellers will accept and the highest which consumer will pay.
Nama : Risda Aditya
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Kelompok :
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Esty
Putri Ratnasari
2.
Hastyn
Haula
3.
Putri Aristya Devi
4.
Risda
Aditya
5.
Selviana
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