economics (t or f)

Involves the exchange of goods or services between buyers and sellers, driven by market prices.

A market is not physically located but a process of interaction between buyers and sellers. This interaction is guided by factors like supply, demand, and price.

It allows individuals with surplus goods to sell them to those who need them, ensuring everyone gets the best value by setting prices based on supply and demand.

A type of market where consumers are the buyers and businesses are the sellers, offering goods and services.

A type of market where businesses buy raw materials and intermediate goods from suppliers to produce final products.

A type of market where resource owners sell essential resources like labor, land, and capital to businesses that require them to create goods and services.

The rivalry among buyers and sellers in a market, leading to competition for resources and customers.

A situation where a large number of sellers offer similar products, and each buyer has a small impact on market prices.

A market situation with many firms selling differentiated products. While firms compete, they have some control over their prices due to product uniqueness.

The ability of a firm to influence market prices and dictate product offerings. It's determined by market share and the firm's ability to differentiate its product.

The desire and willingness of consumers to purchase a product at a given price, reflecting the quantity demanded.

A table that shows the relationship between the price of a good and the quantity demanded at different prices.

A lower price usually encourages consumers to buy more of a product. This shows the inverse relationship between price and the quantity demanded.

The willingness and ability of producers to offer goods for sale at various prices. It reflects the quantity supplied.

An interaction between buyers and sellers where the forces of supply and demand determine the price of a product.

A situation where the quantity supplied exceeds the quantity demanded, resulting in lower prices.

A situation where the quantity demanded exceeds the quantity supplied, resulting in higher prices.

A measure of how much consumers are willing to change their demand for a good based on price changes. It tells us how sensitive demand is to price.

A type of market structure with few sellers and high barriers to entry.

A market structure where a single seller controls the entire market and has complete price-setting power.