ECON 1000 Lecture Notes - Lecture 3: Demand Curve, Marginal Utility, Marginal Cost
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ECON 1000 Full Course Notes
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Document Summary
A market is any arrangement that enables buyers and sellers to get information and do business with each other. A competitive market is a market that has many buyers and many sellers so no single buyer or seller can influence the price (have to be all the same, unlike clothes). The money price of a good is the amount of money needed to buy it. The relative price of a good the ratio of its money price to the money price of the next best alternative good is its opportunity cost. If you demand something, then you: want it, can afford it, have made a definite plan to buy it. Wants are the unlimited desires or wishes people have for goods and services; demand reflects a decision about which wants to satisfy. The quantity demanded of a good or service is the amount that consumers plan to buy during a particular time period, and at a particular price.