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31 Cards in this Set
- Front
- Back
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market
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an institution that brings buyers and sellers into communication with each other
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institution
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ways of structuring social interactions, including both formally constituted establishments and the generally recognized embodiment in customs, habits and laws
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market
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a phrase that people often use to mean an abstract situation o pure exchange or a global system of exchange relationships
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laissez-faire economy
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an economy with little government regulation
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guilds
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medieval European organizations of artisans or merchants
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"just price" doctrine
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the mandate of the medieval Catholic Church that prices charged should always be fair
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private property
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ownership os assets by nongovernmental economic actors
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implicit contract
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an informal agreement about the terms of exchange, based on verbal discussions and common norms, traditions and expectations
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explicit contract
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a formal, often written agreement that states the terms of an exchange and may be enforceable through a legal system
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physical infrastructure
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equipment, buildings, and other tangible structures that provide the foundation for economic activity
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money
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a medium of exchange
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retail markets
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markets where goods and services are sold in small quantities, usually directly to consumers
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wholesale markets
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markets where goods are sold in large volumes, often from a producer to a retailer
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intermediate goods market
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a market for an unfinished product
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resale market
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a market for an item that has been previously owned
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commodity market
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a market for raw material
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labor market
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a market where people offer their labor services to employers
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financial market
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a market for debt or equity finance
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underground market
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a market where illegal goods and services are sold or legal goods and services are sold in an illegal way
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posted prices
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prices set by a seller
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market pricing
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a method of setting prices in which the seller adds a fixed percentage amount to his cost of supplying them
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market value
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the prices for an item that would be freely determined by interactions of buyers and sellers in an auction-type market
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auction market
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a market where an item is sold to the highest bidder
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open auction
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an auction which the opening price is set low and then bidders bid up
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dutch auction
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an auction in which the opening price is set high and then drops until some one bids
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sealed-bid auction
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an auction in which bids are given privately to the auctioneer
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double auction
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an auction in which both the buyers and sellers state prices at which they are willing to make transactions
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bargaining
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an activity in which it is possible to negotiate the terms of their exchange
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spot market
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a market for immediate delivery
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futures market
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a market in which it is possible to negotiate in the present for the purchase of something that will be delivered in the future
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long-term contract
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a contract whose terms extend over a long period of time
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