Types of Markets – resource, industrial, intermediate, consumer, mass, niche
Factors of production (land, labour, capital & enterprise) are sold/exchanged. These resources are then sold to firms producing goods/services for consumers.
Mining company discovering iron ore
Goods/services that go into the production of other products.
Car company sourcing parts to complete vehicles
Buy goods/services to resell/rent them to others eg wholesalers.
Car hire company
Market for goods at their final point of consumption
Market for goods appealing to the majority of customers.
Milk, electricity, bread
Smaller markets for more specialised goods/services, appealing to fewer people.
Extract from Business Studies Stage 6 Syllabus. © 2010 Board of Studies NSW.