Market- a market exist when buyers and sellers communicate and throw unslopeds for money. Demand- the essence of a fruit that will be bought at devoted prices all over a period of conviction.
Supply- the amount of proceeds that sellers are prepared to sell at given prices over a period of time.
Effective take- the amount of product populate are willing to buy at a given prices over a given period of time endorse by the ability to pay. Quantity demanded- the amount of a product which consumers are willing and able to buy over a period of time.
Market demanded- the total demand for that product soma all its consumers.
Individual demand- the quantity of a product which a consumer is willing and able to buy at different prices over a period of time, separate things being constant.
Shift in demand- the movement to the left or right of the entire demand curve when there is a change in both factor affecting demand [except the price].
Law of demand- an increase in the price will result in a come down in its quantity demanded over a period of time and vice versa.
Normal good- a good for which the demand will rise if the income increases or fall if the income decreases.
Inferior good- a good for that the demand will fall if the income increases or rise if the income decreases.
disposable income- the amount of money muckle have left to exit or save after taxes on their incomes have been deducted.
please rate- the cost of borrowing money.
2. Summary
The market system
> created by working together of all the different markets within a country
> functions
* price determination
* resources allocation
Demand
> willingness of people to buy goods or service
* at different price
* over a period of time
* with purchasing power
* other factors remaining constant( ceteris paribus)
Quantity demand
> the amount of product or service that people are willing and able to buy over a period of time
* at a given price
* over a period of time
*other factors remaining...If you want to get a full essay, order it on our website: Ordercustompaper.com
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