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2. Role of Markets

Micro (2.1-2.5)

TermDefinition
Specialisation the production of limited goods by a company/country/individual so they aren't self-sufficient and have to trade with others
Division of Labour when labour becomes specialised during the production process so workers carry out a specific task in cooperation with other workers
Competitive Demand when goods are substitutes, so buying one means you don't buy the other
Demand the quantity of a good/service that consumers are willing and able to buy at a given price during a given time period
Individual Demand demand of an individual/firm, measured by the quantity bought at a certain price at one point in time
Joint Demand when goods are bought together
Market Demand sum of all individual demands in a market
Competitive Supply when a business could make more than one good with its resources, and producing one means they can't produce the other
Composite Supply when a good/service can be obtained from different sources
Individual Supply supply of a single firm
Joint Supply increasing supply of one good causes an increase in the supply of a by-product
Market Supply sum of all individual supplies in the market
Supply the ability and willingness to provide a particular good/service at a given price at a given moment in time
Consumer Surplus the difference between the price the consumer is willing to pay and the price they actually pay
Producer Surplus the difference between the price the producer is willing to charge and the price they actually charge
Derived Demand the demand for one good is linked to the demand for a related good
Excess Demand when price is set too low so demand is greater than supply
Excess Supply when price is set too high so supply is greater than demand
Market where demand and supply interact
Created by: 19thomps
 

 



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