MARKET PRICE

Date: 2015-10-07; view: 623.

SUPPLY

DEMAND

MARKETS AND MARKET STRUCTURES

1. What was a market in ancient time?

2. What is a modern market?

3. When is a market created?

4. How do different markets operate?

5. How do economists classify markets?

6. What is a market structure defined by?

7. What are the names of different market structures?

8. What is pure competition?

9. What is monopolistic competition?

10. What separates monopolistic competition from pure competition?

11. What is oligopoly as a market structure?

12. What is monopoly?

1. What is demand?

2. What does the effective demand help to do?

3. What does the law of demand state?

4. How do prices affect the quantities demanded?

5. What is demand elasticity?

6. When is demand elastic?

7. When is demand inelastic?

8. What factors is demand influenced by?

9. What is a demand curve?

10. What does the demand curve show?

1. What is supply?

2. Whom do we call a supplier?

3. What does the law of supply state?

4. How much of a product will suppliers offer for sale at different prices?

5. What factors is supply determined by?

6. What is a supply curve?

7. What does the supply curve show?

8. What categories of costs is it important for a business to analyze?

9. What does fixed cost mean?

10. What is variable cost?

11. What is total cost?

12. What does marginal cost mean?

1. What role do prices play in a market economy?

2. What two important economic functions do prices perform?

3. What characteristics do prices have in a market economy?

4. How do sellers and buyers use prices?

5. Why do buyers and sellers have the opposite intentions and hopes?

6. When does the adjustment process take place?

7. What is market equilibrium?

8. What messages do price increases and decreases send to producers of goods and services?

9. What do economists describe as the rationing effect of prices?