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Cambridge IGCSE Economics (0455)
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Econ_level 2_economic Principles_role Of Markets In Allocating Resources
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Question
What is a market?
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Answer
Any arrangement through which buyers and sellers interact to exchange goods, services or factors of production.
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1
What is a market?
2
How does a market allocate resources?
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What does a higher price signal to producers?
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Why do consumers matter in market allocation?
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What is a limitation of using prices to allocate resources?