Economic 0.2

• Demand 


  quantity of things consumer able to buy at price,Price increase,demand 4 good/service high
• Supply

  quantity good/service business willing,offer given price.Price rise quantity supply high
• Equilibrium

  interaction between demand/supply meet:Place where the top(satisfaction)reached 4 economic
• Increases in demand

  curve will shift to the right, (increased price and quantity)
• Decreases in demand

  Curve will shift to the left (decreases in price and quantity)
• increases in supply

  supply shift to the right ( decreases in price and increases in quantity)
• decreases in supply

  supply shift to the left (increase in price, decrease in quantity)
• What is a market

  point where buyers and sellers meet at a point of exchange, retail,labour,financial,share
• Merit good

  beneficial to society, too few many resources are allocated towards that good or service
• demerit goods

  creates additional cost to society, to many resources are allocated toward good/service