DEMAND AND SUPPLY Flashcards
1
Q
market
A
a situation where buyers and sellers interact for the purpose of exchanging goods and services
2
Q
the elements of a market
A
- buyer
- seller
- goods/ services
- price
3
Q
market forces
A
- demand
2. supply
4
Q
demand
A
the quantity of a good or service that consumer are willing and able to purchase at a particular price and time and Ceterus paribus
