Key terms-markets(1.2.3) Flashcards
1
Q
Equilibrium price
A
the price where supply and demand are equal
also known as market clearing price
2
Q
Non price factor
A
factors other than price
e.g. change in consumers income advertising and seasonality
3
Q
Shortage in markets
A
where demand exceeds supply
4
Q
Surplus in markets
A
where supply exceeds demand
