Demand, supply and the market. Flashcards
1
Q
A market
A
a group of buyers and sellers of a particular good or service
2
Q
LOD
A
states; if price increases, QD will decrease
if price decrease, QD will increase
INVERSE RELATIONSHIP
3
Q
Factors that alter demand
A
PRICE OF RELATED GOODS;
substitutes……. when a fall in the price of another good (petrol stations beside eachother)
complements
