Economics Review

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market

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place where goods and services are bought and sold

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Economics

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The study of how people seek to satisfy their needs and wants by making choices

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supply and demand

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an economic concept that states that the price of a good rises and falls depending on how many people want it (demand) and depending on how much of the good is available (supply)

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supply decreases and demand increases

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price increases

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supply is constant and demand decreases

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price decreases

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Market Price (Equilibrium Price)

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calculated when supply curve and demand curve intersect on a supply and demand graph

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Demand decrease

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poor customer reviews

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North Korea

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Centrally planned economy

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free market system motivating force

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self-interest

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free market system regulating force

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competition