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markets

chapter 5

QuestionAnswer
commodity markets the markets where major commodities or raw materials are bought and sold
consumer surplus the difference between the highest price a consumer is prepared to pay for a good and the price he/she pays
demand curve a graph showing the quantities of a good(or service)that consumers are willing to buy at different prices
demand schedule a list or table showing the quantities of a good(or service) that consumers are willing to buy a different prices
equilibrium price the price at which quantity demanded equal to quantity supplied
equilibrium quantity the level of output where quantity demanded equals quantity supplied
factor market a market where a factor of production is bought and sold
final market a market that supplies goods or services that give consumers utility and for which they are willing to pay a price
foreign exchange market the market where the worlds currencies are bought and sold
haggling the practice where buyers and sellers argue over the price of an item
intermediate market a market where a good is sold to be used as an input in the production of another good
market the bringing together of potential buyers of a good or service with the potential sellers of that good or service
producer surplus the difference between the lowest price a producer or seller is prepared to accept for a good and the price he/she actually receives
stock exchange a market where shares in public companies and units of government stock are bought and sold
supply curve a graph showing the quantities of a good or service that producers are willing to supply at different prices
supply schedule a list or table showing the quantites of a good or service that producers are willing to supply at different prices
Created by: jmartineconomics
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