O-LevelEconomicsThe allocation of resources2281/11 · May/June 2021 · Q51 Mark

What is an economist's definition of a market?

Acollection of informal retail outlets run by small firms

Bplace where traders gather regularly for short periods

Csystem that enables individuals and firms to buy and sell goods

Dthe existence of consumer demand for a good

✓ Correct answer

C: system that enables individuals and firms to buy and sell goods

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Topic: The allocation of resources, O-Level Economics (syllabus 2281). Multiple choice, 1 mark.
Source: O-Level Economics, May/June 2021 Paper 1 Variant 1, question 5.

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