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Unformatted text preview: Chapter 2: Markets Chapter 2: Markets Chapter 2.1 INTRODUCTION 2.2 DEMAND 2.3 SUPPLY 2.4 SUPPLY AND DEMAND TOGETHER 2.1 INTRODUCTION 2.1 Market Partitioners buyers, sellers Price vs Amount a group of buyers and sellers of a particular good or service price – independent variable amount – induced variable Competitive market 1. 2. a market in which there are many buyers and many sellers so that each has a negligible impact on the market price Characteristics: the goods being offered for sale are all the same the buyers and sellers are so numerous that no single buyer or seller can influence the market price. MARKET PRODUCTION MARKET Market production involves sale in a market before consumption occurs Non­market production does not involve sale in market before consumption Marketing Marketing Human activity directed at satisfying needs and wants through exchange processes. 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. Look at the list of examples of production and indicate which are non­market pr...
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