Demand, supply and the market

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Flashcards on 'demand, supply and the market' for South African students. (Made with love by a South African ECON1016 student at Wits University in 2015) Thank you to Wikipedia for the great economic surplus diagram :) http://en.wikipedia.org/wiki/Economic_surplus

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Define a 'market'

Define 'demand'

Define 'supply'

Define 'equilibrium price'

What's the difference between excess demand and excess supply?

What's the difference between a 'substitute' and a 'complement'?

Define an 'inferior good'

What is 'price control'?

Define 'Economic Surplus'

Define 'Consumer Surplus'

Define 'Producer Surplus'

Define 'Price Ceiling'

Define 'Price Floor'