Demand
The desire to buy something and the willingness and ability to pay for it.
demand
the amount of goods that is available to buy
supply
a value of a product defined by supply and demand
price
perfect competition
monopolistic competition
oligopoly
monopoly
4 types of market structure
a few very large suppliers control the market
oligopoly
amount
quantity
a chart that list the quantity of a good that a company will supply at different prices
supply schedule
consumers want to buy things that are
at a lower price
the expense a business must pay before a product reaches consumers
start-up cost
A large number of companies sell a similar product, but the products are not identical. This is done to attract more customers and monopolize a small part of the market.
monopolistic competition
a chart that lists the quantity of a good that people will buy at certain prices
demand schedule
the higher the price of a good, the larger the quantity of the good that will be produced.
law of supply
on a demand schedule, when the price is low, the demand is
high
things that make it hard for new companies to enter a market
barriers
forms when a sing supplier controls a market
monopoly
a chart that lists the quantity of a good that one person will buy at each price
individual demand schedule
a chart that lists the quantity of a good that one company will supply at different prices
individual supply schedule
when a producer has more of a product than he or she can sell
surplus
a large number of companies all produce an identical product and sell it for the same price
perfect competition market
an example of this is the public water company
monopoly
a chart that lists the quantity of a good that everyone who wants the good will buy at each price
market demand schedule
a chart that list the quantity of a good that all companies in a market will supply at different prices
market supply schedule
when there is not enough supply of a product that consumers want to buy
shortage
* buyers and sellers can enter and leave the market freely
* sellers sell identical products
* buyers and sellers know a lot about the products
* the market is made of many barriers and sellers
base on type and amount of competition in the market
how markets are classified