# 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