Market Forces Flashcards
(5 cards)
1
Q
Demand?
A
The amount of goods/ services that customers are willing and able to buy at a given price.
2
Q
Supply?
A
The amount of goods/ services that sellers are willing and able to sell at any given time.
3
Q
Equilibrium price?
A
The situation in a market when demand is equal to supply.
4
Q
Demand shift (negative and positive)?
A
- negative changes always shift the demand curve left
- positive changes always shift the demand curve right
5
Q
Globalisation?
A
The world coming together to trade in each others markets
