Mid term revision 4th Year economics

An increase in competition would have what effect on price?

• Price goes up
• Price stays the same
• Price goes down
• It explodes

If there is no competition in your market, how would that impact your business?

• You could charge more for your product
• You would make more
• You would hire more employees
• You would charge less for your product

things purchased by consumers

• goods

• consumer

• producer

• supply

A person who provides a good or service

• producer

• need

• want

• consumer

A person who purchases a good or service

• consumer

• taxes

• supply

• good

Basic things humans need to survive

• need

• want

• import

• demand

Extras that make life more enjoyable

• want

• need

• producer

• savings

how much of a good or service consumers want

• demand

• spending

• producer

• scarcity

a good made in another country and brought into the United States

• import

• scarcity

• supply

• spending

This part of the market determines DEMAND

• buyers
• sellers
• suppliers
• store owners