Market Price

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vicki

Subdecks (1)

Movements to Equilibrium
Preliminary Economics > Topic 3: Markets > Market Price
7 cards

Cards (9)

Price Mechanism 
Interaction of the forces of supply and demand, determining the price at which commodities will be bought and sold
Market Equilibrium 
A situation where price and output are determined through the interaction of demand and supply. The market clears and there is no tendency for change in either price or quantity.

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Market Price

Subdecks (1)

Movements to Equilibrium

Cards (9)

Movements to Equilibrium

1.8.6 Market imperfections

1.8.1 How markets and prices allocate resources

3.8.1 How markets and prices allocate resources

3.3.5 The determination of equilibrium market prices

1.8 The market mechanism, market failure and government intervention in markets

3.8 The market mechanism, market failure, and government intervention in markets

3.3 Price determination in a competitive market

3.8.8 Government intervention in markets

1.2.4 Price mechanism

3.1.5.1 Market structures

1.2.3 Price determination

3.8.6 Market imperfections

1.8.2 The meaning of market failure

3.1.6.1 Types of market failure

1.6 The labour market

1.3 Market failure

3.8.2 The meaning of market failure

3.3.6 The interrelationship between markets

3.3.4 Price elasticity of supply

1.8.8 Government intervention in markets