Edexcel-Market 1.2 Flashcards
1
Q
Market
A
any place that brings buyers and sellers together to trade at an agreed price
2
Q
Equilibrium
A
state of equality or balance between market demand and market supply.
3
Q
Rise in demand
A
Shift to the right
Outwards
4
Q
How should the first line be labelled for demand?
A
D1
5
Q
How should the new line be labelled for demand?
A
D2
6
Q
Decrease in demand
A
Shift to left
Inwards
7
Q
How should the first line be labelled for supply?
A
s1
8
Q
How should the new line be labelled for supply?
A
s2
9
Q
Increase in supply
A
Shift to right
outwards
10
Q
Decrease in supply
A
Shift to left
Inwards
