What term refers to the consumers who purchase goods and services?

Prepare for the SQA National 5 Geography Exam with engaging multiple-choice questions and flashcards. Each question includes helpful hints and explanations to enhance your understanding. Ace your exam with confidence!

The correct choice refers to 'Market' as it embodies the concept of consumers who engage in the purchase of goods and services. In economic terms, a market is a physical or virtual space where goods and services are exchanged, and it includes all consumers who actively participate in buying these offerings.

In a market, demand is driven by the consumers' preferences and purchasing power, which shapes what goods and services are available. It serves as the platform for the interaction between buyers and sellers, facilitating transactions that drive the economy.

The other terms, while related to economic concepts, do not specifically denote the group of individuals engaging in the purchase of goods and services. For instance, 'Trade' typically refers to the act of buying and selling on a larger scale, often between countries or companies, rather than individual consumer activity. 'Supply' pertains to the availability of goods and services provided by producers, and 'Economy' encompasses the broader system of production, distribution, and consumption in a society, rather than focusing solely on consumer behavior.

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