unit 3 theory of market demand

• what is a market ?


  a meeting of buyers and sellers in which exchange takes place. Markets can be open air streets or online 24/7.
• global commodity markets


  coffee beans or sugar
• competitive market 


  large n.o of sellers and buyers all passively accepting the ruling market price which is set by all those interacting with the market
• competitive market 


  low entry and exit barriers
• 4 factors of production


  land, labour, capital and enterprise
• definition of demand


  demand for a good or service is the quantity that purchasers are willing and able to buy at a given price in a given period of time