Show:
"demand" terms
"Supply" terms
"Prices" & "Market structure" terms
"market structures"
How markets work
100
a chart that lists the quantity of a good that people will buy at certain prices
What is a demand schedule?
100
the amount of goods that is available to buy
What is supply?
100
the value of a product defined by supply and demand
What is the price?
100
things that make it hard for new companies to enter a market
What are barriers?
100
supple meets demand
What is when the quantity supplied is equal to the quantity demanded?
200
a chart that lists the quantity of a good that one person will buy at each price
What is an individual demand schedule?
200
a chart that lists the quantity of a good that one company will supply at different prices
What is an individual supply schedule?
200
when there is not enough supply of a product that consumers want to buy
What is shortage?
200
the expenses a business must pay before a product reaches consumers
What are start-up costs?
200
the amount that producers can charge
What is as much as consumers are willing to pay?
300
when the price of a good is lower, people will buy more of it, and when the price of a good is higher, people will buy less of it
What is law of demand?
300
the higher the price of a good, the larger the quantity of the good that will be produced
What is law of supply?
300
when a producer has more of a product than he or she can sell
What is surplus?
300
the classification of a market based on the type and amount of competition among companies
What is the market structure?
300
market structure that is the opposite of perfect competition
What is a monopoly?
400
a chart that lists the quantity of a good that everyone who wants the good will buy at each price
What is a market demand schedule?
400
a chart that lists the quantity of a good that all companies in a market will supply at different prices
What is market supply schedule?
400
a market structure in which a single supplier controls the market
What is a monopoly?
400
a market structure in which a few very large suppliers control the market
What is an oligopoly?
400
start-up costs and technology are two
What are barriers?
500
the desire to buy something and the willingness and ability to pay for it
What is demand?
500
a chart that lists the quantity of a good that a company will supply at different prices
What is a supply schedule?
500
a market structure in which a large number of companies all produce similar products that are not quite identical and sell them for the same price
What is monopolistic competition market?
500
a market structure in which a large number of companies all produce an identical product and sell it for the same price
What is a perfect competition market?
500
market is made up of many buyers and sellers, sellers sell identical products, buyers and sellers know a lot about the products, and buyers and sellers can enter and leave the market freely
What are the four conditions that must exist for there to be a perfect competition?