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Chapter 3

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ECON 1000
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CH.3 – demand and supply Fair trade – coffee and middle man/woman – the quality of production and service line, more information about the product, producer and customer pays different price for each product, consumers are interested in the production and service line Competitive market is a market that has many buyers and many sellers, so no single buyer or seller can influence the price Money price the price of the object is the number of dollars that must be given up in exchange for it Relative price is the ratio of one price to another Market Power is the ability of seller or buyer to influence power Quality demanded of a good or service is the amount that consumers plan to buy during a given time period at a particular price The law of demand – other things remaining the same, the higher the price of a good, the smaller is the quantity demanded; and the lower the price of a good, the greater is the quantity demanded Demand refers to the entire relationship between the price of a good and the quantity demanded of that good Demand curve shows the relationship between the quantity demanded of a good and its price when all other influences o
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