MARKET CATEGORIES: DEMAND, SUPPLY, PRICE

Date: 2015-10-07; view: 511.

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 law of demand state?

3. How do prices affect the quantities demanded?

4. What is demand elasticity?

5. When is demand elastic?

6. When is demand inelastic?

7. What factors is demand influenced by?

8. What is supply?

9. What does the law of supply state?

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

11. What factors is supply determined by?

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

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

14. What two important economic functions do prices perform?

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

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

17. When does the adjustment process take place?

18. What is market equilibrium?

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