Microeconomics 1

What is a market?

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Flashcards	12
Language	English
Category	Macro-Economics
Level	Primary School
Created / Updated	17.11.2012 / 22.06.2020
Weblink	https://card2brain.ch/box/microeconomics_1
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perfectly competitive market

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Market with many buyers and sellers, so that no single buyer or seller has a significant impact on price.

market price

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Price prevailing in a competitive market

extent of a market

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Boundaries of a market, both geographical and in terms of range of products produced and sold within it.

nominal price

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Absolute price of a good, unadjusted for inflation

real price

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Price of a good relative to an aggregate measure of prices; price adjusted for inflation.

Consumer price index

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Measure of the aggregate price level.

Producer price index

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Measure of the aggregate price level.

Microeconomics

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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.

Macroeconomics

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Branch of economics that deals with aggregate economic variables, such as the level and growth rate of national output, interest rates,

unemployment, and inflation.

market

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Collection of buyers and sellers that, through their actual or potential interactions, determine the price of a product or set of products.

market definition

Determination of the buyers, sellers, and range of products that should be included in a particular market.

arbitrage

Practice of buying at a low price at one location and selling at a higher price in another.

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Microeconomics 1

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