AP Economics Chapter 7 Notes
Subject:
Economics [1]
Tags:
economics [2]
Pricing [3]
demand [4]
Consumer theory [5]
Microeconomics [6]
marketing [7]
Monopoly [9]
Demand curve [10]
Economic equilibrium [11]
Price ceiling [12]
supply [13]
Chapter 7 Notes Sect 1 Idea of demand centers on people being both willing and able to pay for a product or service In a market economy, consumers collectively have a great deal of influence on the prices of all goods and services. Demand: The amount of a good or service that consumers are able and willing to buy at various possible prices during a specified time period. Supply: The amount of a good or service that producers are able and willing to sell at various prices during a specified time period Market: The process of freely exchanging goods and services between buyers and sellers. A market for a particular item or service can be local, national, international, or a combination of these