Price Flashcards
1
Q
Price
A
The sum of money which has to be paid for a good or service
2
Q
Equilibrium price and quantity
A
Where the quantity supplied exactly matches the quantity demanded
3
Q
Determination of price
A
The interaction of the market forces of supply and demand to establish the general level of prices for a god or service
4
Q
Allocation of resources
A
How scarce resources are distributed among producers and how scarce goods and services are allocated among consumers
5
Q
Market forces
A
The factors that determine price levels and the availability of goods and services in an economy without government intervention
