Week 2 Flashcards
(5 cards)
1
Q
Supply
A
The amount of a good or service that sellers are willing and able to sell
2
Q
Demand
A
The amount of a good or service that buyers are willing and able to buy at a particular price
3
Q
Equilibrium price
A
The part at which supply and demand intersect so that there is no shortage in surplus
4
Q
Invisible hand
A
Egoistic behaviour affects what drives the market
5
Q
McNamara Fallacy
A
- Look at quantitive data over qualitative data.
- Assume quantitive data tells you what you need
