Unit Three Vocabulary

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Market

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Terms in this set (23)

any structure that allows buyers and sellers to exchange any type of goods, services and information. (the four types of market structures: perfect competition, imperfect competition, oligopoly, and monopoly)

EX) Shops, high streets, websites, etc.

Competitive Market

there are numerous producers that compete with one another in hopes to provide goods and services we, consumers, want and need.

EX) The mall, farmers market, etc.

Demand Schedule

a table that shows the quantity demanded of a good or service at different price levels. Can be graphed as a continuous demand curve on a chart where the Y-axis represents price and the X-axis represents quantity.

EX) As the price of a small soda goes up, the quantity of demand goes down.

Quantity Demanded

the total amount of a good or service that consumers demand over a given interval of time. It depends on the price of a good or service in a marketplace, regardless of whether or not that market is in equilibrium.

EX) At the price of $5 per hot dog, consumers buy 2 hot dogs per day. At this price, the quantity demanded is 2 hot dogs.

Demand

the consumers' desire and ability to purchase a good or service. It is the underlying force that drives economic growth and expansion.

EX) The citizens of a rural county depend on having gas to fuel their cars. In this county, they buy and use gas often. These citizens' demand for gas is quite high.