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Market price




SUPPLY

DEMAND

MARKETS AND MARKET STRUCTURES

ECONOMIC SYSTEMS

1. What do all societies have in common?

2. What does the survival of any society depend on?

3. What is an economic system?

4. What are all societies faced with?

5. What determines the type of economic system?

6. What are the major kinds of economic systems?

7. How are the main economic questions decided in a society with a traditional economy?

8. What is the role of individuals in a traditional economy?

9. What is the main advantage of a traditional economy?

10. What are the disadvantages of a traditional economy?

11. What is a command economy?

12. Who makes most of what, how and for whom decisions in a command economy?

13. What is the major advantage of a command economy?

14. What disadvantages does the command economy have?

15. What is a market economy?

16. How are the basic economic questions answered in a market economy?

17. What is the main incentive of a market economy?

18. What advantages does a market economy have?

1. What was a market in ancient time?

2. What is a modern market?

3. When is a market created?

4. How do different markets operate?

5. How do economists classify markets?

6. What is a market structure defined by?

7. What are the names of different market structures?

8. What is pure competition?

9. What is monopolistic competition?

10. What separates monopolistic competition from pure competition?

11. What is oligopoly as a market structure?

12. What is monopoly?

1. What is demand?

2. What does the effective demand help to do?

3. What does the law of demand state?

4. How do prices affect the quantities demanded?

5. What is demand elasticity?

6. When is demand elastic?

7. When is demand inelastic?

8. What factors is demand influenced by?

9. What is a demand curve?

10. What does the demand curve show?

1. What is supply?

2. Whom do we call a supplier?

3. What does the law of supply state?

4. How much of a product will suppliers offer for sale at different prices?

5. What factors is supply determined by?

6. What is a supply curve?

7. What does the supply curve show?

8. What categories of costs is it important for a business to analyze?

9. What does fixed cost mean?

10. What is variable cost?

11. What is total cost?

12. What does marginal cost mean?

 

1. What role do prices play in a market economy?

2. What two important economic functions do prices perform?

3. What characteristics do prices have in a market economy?

4. How do sellers and buyers use prices?

5. Why do buyers and sellers have the opposite intentions and hopes?

6. When does the adjustment process take place?

7. What is market equilibrium?

8. What messages do price increases and decreases send to producers of goods and services?

9. What do economists describe as the rationing effect of prices?




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