International Baccalaureate (IB) Economics (Unit 2 Demand and SUpply ) Flashcards on Demand and Supply + Equilibrium , created by sofie von kaiser on 28/09/2016.
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Created by sofie von kaiser
about 8 years ago
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Created by sofie von kaiser
about 8 years ago
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What is demand?
Law of Demand?
What is meant by the change in demand?
Change in quantity demand.
What are the 5 non-price determinants of demand?
The two income goods.
State the prices of other products.
What is supply?
Law of supply?
The 5 non-determinants of supply
Separate into two parts the price of other products
government Intevrention
What is a market?
the relationship between an individual consumer’s demand and market demand.
Describe the relationship between an individual consumer’s supply and market supply.
what is an equilibrium?
In short excess supply?
In short excess demand?
Graph descirption of excess supply.
Graph description of excess demanded.
What is price mechanism?
Second description of excess supply?
