Class Notes (836,562)
Canada (509,854)
Economics (219)
ECON 1010 (102)
Lecture 18

ECON 1010 Lecture 18: Lecture 18
Premium

3 Pages
22 Views
Unlock Document

Department
Economics
Course
ECON 1010
Professor
Laura K.Brown
Semester
Spring

Description
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
More Less

Related notes for ECON 1010

Log In


OR

Join OneClass

Access over 10 million pages of study
documents for 1.3 million courses.

Sign up

Join to view


OR

By registering, I agree to the Terms and Privacy Policies
Already have an account?
Just a few more details

So we can recommend you notes for your school.

Reset Password

Please enter below the email address you registered with and we will send you a link to reset your password.

Add your courses

Get notes from the top students in your class.


Submit