Question

Assignment 3.1 – Supply and Demand g Define market. How will geography affect the market? Assume that you sell in the market for Blu-ray players. What is the most important thing in this market?

Answer 1

Explanation:

Market can be defined as a physical, or virtual location, where economic agents (sellers and buyers) meet to negotiate the exchange of goods and services for other goods and services or for a monetary unit.

A market economy is one that is impacted by the interaction between sellers and buyers to allocate resources.

Geography can affect the economic market due to the impact that the location and organization of activities has on the availability of resources, on climatic conditions, on transportation costs, on the political and social conditions of a given location and on several factors that directly influence the progress of activities economical.

It is important that a company or economic institution chooses the location where it will implement its activities according to its strategic planning, in the case of a Blu-ray company it is important that the company segment the market to find its target audience and invest in technology and innovation to always offer the public an innovative product compatible with the market.