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Assignment example - The market education: Museums
Pages 6 (1506 words)
Name Course Course Instructor Date The market education: Museums 1. Introduction A market can be described as a place, which provides an opportunity to purchasers and sellers to engage in an exchange of various goods and services. In any market, there is information gathering by the buyers and sellers…
Extract of sample
Nonetheless, this paper focuses on museums, in the context of a market, and explores how museums and museum visits satisfy the various aspects of a market economy and economics. 2. Markets, Demand, and Supply The market plays a major role in ensuring that the force of demand is equivalent to that of supply. In the case of museums, museum visits represent demand, while the number of available museums and museum services represent the supply. In a market, there is the aspect of price mechanism, which involves an interaction between the buyers and sellers, in order to determine the market price. Nonetheless, the market price is determined by the supply and demand in the market. Therefore, when prices rise, the demand falls, and when the prices fall, the demand rises. On the other hand, the market equilibrium price is achieved when there is a balance between the force of supply and that of demand. In this case, there results a balance in production and consumption of goods and services. Prices in a market economy can act as an incentive to entice buyers to purchase more goods. Therefore, when prices are lowered, this acts an incentive, as consumers will be able to purchase larger quantities of goods and services. ...
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