Competitive markets and demand

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  • Created by: Jade
  • Created on: 20-11-12 19:37
What is a market?
A market is where or when buyers and sellers meet to trade or exchange products.
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Prices fluctuate - if a producer increases their supply, price will...
Fall
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What is a sub market?
A recognised or distinguishable part of a market
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What is demand?
The quantity of a product that consumers are able and willing to purchase at various prices over a period of time
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What is notional demand?
The desire for a product
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What is effective demand?
The willingness and ability to buy a product
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The definition of demand assumes that all other things that affect demand for a product .....?
Do not change
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What is ceterius paribus?
'other things being equal' - assuming other variables remain unchanged
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There is an _________ relationship between the price of a product and quantity demanded
Inverse
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What is a demand curve?
A demand curve shows the relationship between the quantity demanded and the price of a product
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Other cards in this set

Card 2

Front

Prices fluctuate - if a producer increases their supply, price will...

Back

Fall

Card 3

Front

What is a sub market?

Back

Preview of the front of card 3

Card 4

Front

What is demand?

Back

Preview of the front of card 4

Card 5

Front

What is notional demand?

Back

Preview of the front of card 5
View more cards

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