Show:
Demand and Supply
Elasticity
Market Structures
Types of Industry
Government Intervention
100
A place where buyers and sellers meet to exchange goods and services for a certain price ($). It may or may not be a real place!
What is a market?
100
Ed = (% Change in Quantity Demanded)/(% Change in Price)
What is the equation for coefficient of demand elasticity?
100

When a corporation has no competition 

Monopoly 

100
This industrial category involves farming, fishing, and forestry. Possible answers are: primary, secondary, tertiary and quaternary.
What is the primary level?
100
laws price-fixing cartels or other forms of anti-competitive behaviour
What is Regulate Competition?
200
The quantity (amount) of good/service that a buyer will buy at different prices. It also involves how much the seller is producing.
What is supply?
200
Elastic coefficient is between 0 to 1.
What is inelastic coefficient?
200

Groups of companies who work together to set prices 

Collusion 

200
_____________________ have a positive income elasticity of demand, so as consumers’ income rises, more is demanded at each price level.? E.g Examples: steak, brand name shoes; designer clothes, sport tickets?
What is Normal goods?
200
Increase the supply of goods, enabling optimal benefit to be attained.?
What is a subsidy?
300
The HIGHER the price of the product, the LESS people will buy it. The LOWER the price, the MORE people will buy the product.
What is Law of Demand?
300
Elastic coefficient is greater than 1.
What is elastic coefficient/product?
300
Cellphones, Laptops and Restaurants are all examples of 

Monopolistic Competition 

300
______________ have a negative income elasticity of demand. Demand falls as income rises. Typical inferior goods or services tend to be products where there are superior goods available if the consumer has the money to be able to buy it. ? Examples: No name brands, cigarettes, potatoes, Kraft dinner
What is Inferior goods?
300
Usually collected by an intermediary (usually a business). Examples include: HST, Gas Tax, Cigarette & Alcohol Tax
Indirect taxation
400
As product price INCREASES, the supplier will make MORE of this product (to make more $$$). As product price DECREASES, the supplier will make LESS product (to save $$$).
What is the Law of Supply?
400
heart medication, bread, milk, TTC metropass, fruits. You will keep buying these products even if prices rise. We need them!
What are inelastic products?
400

A type of structure that we use to describe the stock market or agricultural products

Perfect Competition 

400
__________________ with high income elasticity have greater sales volatility when the economy slumps and businesses are less profitable. Consumer staple goods will see less volatility.
What are examples of Luxury products?
400
Minimum wage?
What is a price floor?
500
The amount demanded equals with amount supplied. This point of intersection is called: _________________.
What is the equilibrium price?
500
Gucci luxury bags, candy, chips. You won't buy it as it gets more expensive! You would just change to a new product.
What are elastic products?
500

This market structure usually has high inelasticity and very few sellers 

Oligopoly 

500

What type of business does the government run? 

Crown Corporation or Government Enterprise 

500
correct for market failure achieve a more equitable distribution of income and wealth improve the performance of the economy
Why do governments intervene in free markets?:?