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ECO - Theme - 1 > 1.2.6 Price determination > Flashcards

1.2.6 Price determination Flashcards

1
Q

Market

A

Any place where buyers meet suppliers to exchange goods/services

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2
Q

Price equilibrium

A

Where supply is equal to demand

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3
Q

Excess demand

A

If price is set below equilibrium, then there is excess demand.

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4
Q

Excess supply

A

If the price is set higher than the equilibrium then there is excess supply.

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ECO - Theme - 1 (26 decks)

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