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Stack #4699410

QuestionAnswer
Market A place or situation where buyers and sellers exchange goods and services. E.g-goods and services, labour, resources, money, foreign exchange, shares/stocks
Market Demand The quantity all individuals are willing and able to buy at each price.
Market Supply The quantity all firms are willing and able to produce at each price.
Market Equilibrium When the quantity demanded equals the quantity supplied. (where the demand and supply curves intersect)
Excess Demand/Shortage When the quantity demanded is greater than the quantity supplied.
Excess Supply/Surplus When the quantity supplied is greater than the quantity demanded.
Direct Tax Payments by an individual group straight to the government.
Indirect Tax Payments by an individual group through a third party to the government.
Created by: user-2048266
 

 



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