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Lecture 18

ECON 1010 Lecture 18: Lecture 18

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ECON 1010
Laura K.Brown

oS82 Principles of Microeconomics CHAPTER 4 – The Market Forces of Supply and Demand: Markets and Competition: 1. The terms supply and demand refer to the behaviour of people as the interact with one another in markets What is a Market?: 1. Market: a group of buyers and sellers of a particular good or service 2. The buyers as a group determine the demand for the product, and the sellers as a group determine the supply of the product 3. Markets are usually less organized What is Competition?: 1. Most markets in the economy are highly competitive 2. Each buyer knows that there are several sellers from which to choose, and each seller is aware that his product is similar to that offered by other sellers 3. Price and quantity are determined by all buyers and sellers as they interact in the marketplace 4. Competitive market: a market in which there are many buyers and many sellers so that each has a negligi
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