Nama : Meiriza
Alviyany // NPM : 16214550 // Kelas : 1EA10
Kelompok
·
Meiriza Alviyany
·
Nira Aztriani
·
Nurul Azmi
·
Lutfia Ashar
·
Dian Utari N
Text
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 commodities. today, however, markets such as the world sugar
market, the gold market and the condition 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 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 competitions 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).
Question
1.
What is the main idea paragraph 1?
2.
What is the difference between the market in former days and today?
3.
What is the main idea paragraph 2?
4.
Describe the competition in a free market?
5.
Why the prices inevitably fluctuate?
6.
In what conditions in a market created?
7.
What three means are mentioned by which buyer and seller can commuicate if they
do not meet in person?
8.
What are the characteristics of a perfect market?
9.
What price operates in a perfect market?
10. What does the ruling price indicates?
Answer No 3 and 4
Nama : Meiriza
Alviyany
Npm : 16214550
Kelas : 1EA10
3. In a free market, competition takes
place among seller of the same commodity, and among these who wish to buy that
commodity.
4. The
competition takes place among sellers of the same commodity, and among those
who wish to buy that commodity.
