RSM100Y1 Chapter Notes - Chapter 3: Complementary Good, Structural Unemployment, United States Treasury Security
Document Summary
Economics: the study of choices people and government make when allocating scare resources. Microeconomics: the study of small economic unit such as family, individual consumer or business. Macroeconomics: the study of a (cid:374)atio(cid:374)"s overall economic issue, such as how a economy should maintain and divide up resources. Demand: the willingness and ability of a buyer to purchase a good or service. Supply: the willingness and ability of a seller to provide goods or service. Demand curve: graph of amount of a product that buyer will purchase a different prices. Supply curve: graph that shows the relationship between different prices and the amount of goods that sellers will offer for sale regardless of demand. Equilibrium price: the current market price for an item. Pure competition: a market structure where large numbers of buyers sell similar products and no one has a large influence on price.
