Market forces Flashcards
1
Q
Market
A
Where buyers and sellers come together
2
Q
Market forces
A
are the determinants of demand and supply
3
Q
Ceteris paribus
A
remaining constant
4
Q
Determinants of demand
A
Price of good,income,population,
fashions ,seasonal factors,price of other goods
5
Q
Demand
A
changes in price causes a movement along the demand curve,this causes increase and decrease in quantity demanded
6
Q
Demand curve
A
A shift to the left (decrease in demand) determinants in demand other than the price of the good will cause a shift in demand
