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LC Econ Markets

LC Economics Markets

TermAnswer
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