the process by which the forces of supply and demand interact to determine the market price at which goods and services are sold and the quantity produced.
What is Price Mechanism ?
100
The interaction of demand for and supply of the outputs of production i.e. goods and services.
What is the Product Market?
100
a market that only has one business and no competitors
What is Monopoly
100
raises both equilibrium price and quantity
Effects of an increase in demand in equilibrium
200
Is the situation where, at a certain price level, the quantity supplied and the quantity demanded of a particular commodity are equal.
What is Market Equilibrium?
200
The economy’s ability to allocate resources to satisfy consumer wants?
What is Allocative Frequency?
200
the ideal scenario for a consumer where many businesses are competing selling homogenous product
What is Perfect Competition
200
lowers both equilibrium price and quantity
What is a decrease in Demand in equilibrium
300
A situation in which the quantity of a good or service supplied is more than the quantity demanded, and the price is above the equilibrium level.
What is Excess supply?
300
The wants of individuals in the economy.
What is the demand curve?
300
Australia Post is an example of this
What is Monopolistic Competition
300
Lowers equilibrium price and raises equilibrium quantity
effects of an increase in supply in equilibrium
400
An economic shortage is a disparity between the amount demanded for a product or service and the amount supplied in a market.
What is Excess demand?
400
Ensures that producers are responsive to consumer demand?
What is competition?
400
where a few businesses are present selling similar goods
What is Oligopoly
400
Raises equilibrium price and lowers equilibrium quantity
Effects in a decrease in supply in equilibrium
500
Is an economic model of price determination in a market.
What is a supply and demand curve?
500
Represents the production of firms with limited resources?
What is the supply curve?
500
Famous parker brothers game
What is the Monopoly Board Game
500
Supply and Demand Curves
What are the circumstances that lead to a shift in the equilibrium price and quantity