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LC Econ Markets
LC Economics Markets
| Term | Answer |
|---|---|
| Market | The potential exchange of a good or service between the buyer and the seller |
| Consumer's Surplus | The difference between the highest price a consumer is prepare to pay for for a good, and the price they actually pay. |
| Producer's Surplus | The difference between the lowest price a producer or seller is prepared to accept for a good and the price they actually receive. |
| Demand Curve | A graph showing the quantity of a good (or service) that consumers are willing to buy at different prices. |
| 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 that shows the quantity of a good or service that producers are willing to supply at different prices. |
| Equilibrium Price | The price at which quantity demanded is equal to quantity supplied. |
| Equilibrium Quantity | The level of output where quantity demanded is equal to quantity supplied. |
| Factor Market | A market where a factor of production is bought and sold. |
| Final Market | A market that supplied goods and services that give consumers utility and for which they're willing to pay a price. |
| Foreign Exchange Market | The market where the worlds currencies are bought and sold. |
| Stock Exchange | A market where shares in public companies and units of government stock 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. |
| Equilibrium | When there's a situation from which there's no tendency to change. |
| Excess Demand | When quantity demanded is greater than quantity supplied. |
| Excess Supply | When quantity supplied is greater than quantity demanded. |
| Producer Goods | The goods that were good from an input from another product. |
| Auction | When a group of buyers come together to bid for an item and the highest bid receives the item. |
| Bargain Range | During the process of haggling, if the sellers minimum price is less than equal to the buyers maximum price, then there is said to be a bargain range. |
| Outline the factors that determine the supply of a good or service | Price of the good itself, Price of related goods, Cost of production, Government subsidies, Introduction of new technologies, Unplanned events, |
Created by:
MrFromholz
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