ECON 1000 Lecture Notes - Demand Curve, Substitute Good, Japanese Yen
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ECON 1000 Full Course Notes
Verified Note
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Document Summary
Market place where you find goods and services, enables buyers and sellers to get information and to do business with each other. For: goods (apples and hiking boots, services (haircuts and tennis lessons, resources (computer programmers and earthmovers, manufactured inputs (memory chips and auto parts, money (japanese yen, financial securities (yahoo! Can be physical where buyers and sellers meet and where an auctioneer or a broker helps to determine the prices. Groups of people that are spread around the world, never meet, and know little about each other, communicate through internet or by telephone and fax. Competitive market a market that has many buyers and many sellers, so no single buyer or seller can influence the price. Producers offer items for sale only if the price covers their opportunity cost. Consumers respond to changing opportunity cost by seeking cheaper alternatives to expensive items. Money price the number of dollars that must be given up in exchange for it.
