Npm : 15214398
Class : 1EA10
English Softskill
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 market days in order to buy and sell various
comodities. 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 same commodity,
and among those who wish to buy that commodity. Such competition, influences
the price 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 throught 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 consumers 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 :
9.
what price operates in a perfect market ?
Answer : Should only be one price, when the consumer would like to pay the highest price and when the sellers accepts lowest price
Answer : Should only be one price, when the consumer would like to pay the highest price and when the sellers accepts lowest price
10. what
does the ruling price indicated ?
Answer : Supply and demand
Answer : Supply and demand
Kelompok 6
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Anggota :
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Fuad
Azhar
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2.
Andrew Christian Npm
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3.
Qomarul
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4.
Ryandi
Novryan
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5.
Iqbal Dwi Romadhan Npm : 15214398
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Achmad Fariz
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