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Theme 1 business > market equillibrium > Flashcards

market equillibrium Flashcards

1
Q

equilibrium

A

state of equality or balance between demand and supply

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2
Q

disequilibrium

A

where demand and supply are out of balance

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3
Q

shift in demand

A

income
substitutes
fashion
advertising

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4
Q

shift of supply

A

technology
unexpected events
weather/disease
change in price of other goods

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5
Q

SPICED

A

strong pound impact cheaper export dearer

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6
Q

WPIDEC

A

weak pound import dearer export cheaper

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Theme 1 business (8 decks)

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