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ECS CONCEPTS MAY 2024 > Concepts May 2024 > Flashcards

Concepts May 2024 Flashcards

1
Q

Market equilibrium

A

The quantity demanded equals the quantity supplied

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2
Q

Income

A

The amount of money someone receives in a certain period

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3
Q

Quantity demanded

A

The number of units consumers want to buy at a certain price

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4
Q

Supply curve

A

A curve that indicates per price the number of units manufacturers want to sell at that price

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5
Q

Fixed costs

A

Costs that do not depend in the number if produced products or services

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6
Q

Cost price

A

The costs per product

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7
Q

Monopoly

A

A market form where a single supplier controls the market

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8
Q

Excess supply

A

The quantity supplied is higher than the quantity demanded

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9
Q

Total profit

A

Total revenue - total costs

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10
Q

Turnover

A

Sales x price per product

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11
Q

Cartel

A

Suppliers agree to restrict competition

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12
Q

Demand curve

A

A curve that indicates per price the number of units consumers want to buy at that price

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13
Q

Quantity supplied

A

The number of units consumers want to buy at a certain price

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14
Q

Equilibrium price

A

The price where the quantity demanded equals the quantity supplied

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15
Q

Perfect competition

A

A market form with many suppliers of a homogeneous product

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16
Q

Variable costs

A

Costs that depend on the number of produced products or services

17
Q

Purchasing power

A

The quantity of products and services that can be purchased with the income

18
Q

Sales

A

The number of units that are sold

19
Q

Price war

A

Suppliers introduce price decreases in response to the price decreases of a competitor, resulting in a strong drop in prices.

20
Q

Heterogeneous product

A

A product that, according to consumers, is different from the other products on the market

21
Q

Total costs

A

Variable costs + fixed costs

22
Q

Market mechanism

A

The interplay between supply and demand ensures that an equilibrium price is created on the market

23
Q

Excess demand

A

The quantity demanded is higher than the quantity offered

24
Q

Oligopoly

A

A market form where a few suppliers control the market

25
Q

Competition

A

Businesses competing to win the customers’ favour

26
Q

Equilibrium quantity

A

The quantity where the quantity demanded equals the quantity supplied

27
Q

Homogeneous product

A

A product that is equal to the other products on the market in the eyes of the customer

28
Q

Monopolistic competition

A

A market form with many suppliers of a heterogeneous product

ECS CONCEPTS MAY 2024 (1 decks)

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