Unformatted text preview: Chapter 2: Markets Chapter 2: Markets
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
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.
10. Look at the list of examples of production and indicate which are nonmarket pr...
View Full Document