HideShow resource information
  • Created by: Jess
  • Created on: 09-04-14 18:43

Market: where or when buyers and sellers meet to trade or exchange goods or services.

Demand: the quantitu of a product that consumers are willing and able to purchase at various prices in a given time period

There is an inverse relationship between the price of a product and the quantity demanded - the higher the price, the less will be demanded.

Movement along the demand curve: this is in response to a change in the price of a product.

Consumer surplus: the extra amount that…


No comments have yet been made

Similar Economics resources:

See all Economics resources »See all Competitive markets resources »