What is a market?
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perfectly competitive market
Market with many buyers and sellers, so that no single buyer or seller has a significant impact on price.
Price prevailing in a competitive market
extent of a market
Boundaries of a market, both geographical and in terms of range of products produced and sold within it.
Absolute price of a good, unadjusted for inflation
Price of a good relative to an aggregate measure of prices; price adjusted for inflation.
Consumer price index
Measure of the aggregate price level.
Producer price index
Branch of economics that deals with the behavior of individual economic units—consumers, firms, workers, and investors—as well as the markets that these units comprise.
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