Demand
The inverse relationship between price and quantity demanded.
What is the law of demand?
The direct relationship between price and quantity supplied.
What is the law of supply?
A market with one dominant seller.
What is a monopoly?
A factor affecting demand besides price.
What is income/tastes/population/etc.?
A factor that shifts supply.
What is technology/costs/climate/etc.?
A market with a few dominant firms.
What is an oligopoly?
Goods that replace each other.
What are substitutes?
A natural event that may reduce supply.
What is a drought/flood/bushfire?
A market with many sellers and identical products.
What is perfect competition?
A change caused by price alone.
What is a movement along the demand curve?
A graph showing producer willingness to sell.
What is the supply curve?
Charging different prices to different customers.
What is price discrimination?
The graph representing consumer willingness to buy.
What is the demand curve?
The point where supply equals demand.
What is equilibrium?
Australian law preventing anti-competitive behaviour.
What is the Competition and Consumer Act 2010?