A. Market -> where buyers and sellers exchange money for goods and factors of production.
Markets determine price.
a. Competitive Market many buyers and sellers that negates impact on price rise
B. Perfectly Competitive Market
a. Goods are the same
a. Quantity Supplied any good or service is the amount that sellers are willing and able to
b. Law of Supply other things equal, when the price of a good increases, supply increases,
if prices fall, supply falls (relationship goes in
10 Principles of Economics
A. Economics -> the science that deals with the production, distribution, and consumption of goods
and services, or the material welfare of humankind.
B. 10 Principles of Economics
a. Principle 1: People Face Trade-Offs