{[ promptMessage ]}

Bookmark it

{[ promptMessage ]}

The market forces of supply and demand

The market forces of supply and demand - The market forces...

Info icon This preview shows pages 1–2. Sign up to view the full content.

View Full Document Right Arrow Icon
The market forces of supply and demand Supply and demand - are forces that make market economies work determine the quality of each good produced and the price at which it is sold Market and Competition Supply and demand refer to the behavior of people as they interact with one another in competitive markets What is a Market? Market a group of buyers and sellers of a particular good or service buyers- determine the demand for the product sellers- determine the supply of the product can be more or less organizied What is Competition? Price and quality are determined by all buyers and sellers as they interact in the marketplace Competitive market a market in which there are many buyer and man sellers so that each has a negligible impact on the market place perfectly competitive (what we assuming as a market) to reach the highest form of competition, a market must have two characteristics: 1) the goods offered for sale are exactly the same 2) the buyers and sellers are so numerous that no single buyer or seller has any influence
Image of page 1

Info icon This preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
Image of page 2
This is the end of the preview. Sign up to access the rest of the document.

{[ snackBarMessage ]}

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern