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BEC 131 ~ 2 장
Terms in this set (32)
a collection of all the different markets in a given area.
In a market, the consumers or businesses that exchange their money for goods and services from others.
Businesses or individuals who receive money in exchange for supplying goods and services.
a good, service, or idea
The rate at which buyers and sellers exchange money for a good or service.
The market where workers sell time on the job in exchange for money.
A market where buyers and sellers are geographically close to each other
A market where buyers and sellers can be in different parts of a country.
A market where buyers and sellers can be located anywhere in the world.
A business that operates in multiple countries.
The typical price at which a good or service sells in a market. Also, the current price at which a share of stock can be bought or sold.
A price intentionally set below the market price to stimulate purchases.
A price that is determined on a case-by-case basis as a result of negotiation between individual buyers and sellers.
A price set below the market price to reward buyers who purchase a large quantity of items.
advance purchase discount
A reduced price given for buying in advance, so that prices differ according to when purchases are made.
The amount of a good or service that a buyer is willing to purchase at a given price.
market demand schedule
A sum of the demand schedules for all the individual buyers in a market.
law of demand
The tendency of quantity demanded to rise if the price falls, all other things being equal.
The link between a buyer's quantity demanded and the price.
Occurs when an additional unit of a good or service is offered at no cost to buyers.
The point at which the value of additional consumption of a good or service goes to zero.
A Latin phrase meaning "all other things equal."
The value or benefit of the next-best alternative use of money or time.
A line on a graph showing the link between price and quantity demanded.
downward-sloping demand curve
A demand curve that is consistent with the law of demand, so that an increase in price leads to a decline in quantity demanded. As a result, the line slopes down when read from left to right.
The amount of a good or service that a seller is willing to supply at a given price.
market supply schedule
The sum of the supply schedules for all the individual suppliers in a market.
law of supply
The tendency of quantity supplied to rise if the price rises, all other things being equal.
A line on a graph showing the link between price and quantity supplied.
The link between a seller's quantity supplied and the market price.
upward-sloping supply curve
A supply curve that is consistent with the law of supply, so that an increase in price leads to an increase in quantity supplied. As a result, the line slopes up when read from left to right.
Markets with new products and services, or markets that include mostly new buyers and sellers.
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