TOPIC 2: COMPETITIVE MARKETS AND HOW THEY WORK

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  • Created by: james
  • Created on: 29-03-13 13:22

TOPIC 2: COMPETITIVE MARKETS AND HOW THEY WORK

  • Define a market
  • What are the determinates of demand?
  • What are the determinates of supply?
  • Define equilibrium
  • What is the economic term for excess supply?
  • What is the economic term for excess demand?
  • Define and give the formula for PED
  • When is a good PED elastic and inelastic
  • Define and give the formula for PES
  • When is a good PES elastic and inelastic
  • Define a minimum price
  • Define a maximum

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