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Economics Prelim Topic 3 - Markets

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Note-taking under syllabus dot points, covers: - role of markets - demand and supply - variations in competition

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9 Pages Partial Study Notes 1-2 Years old
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Economics Prelim Topic 3 - Markets
Topics this document covers:
Economics Economy Microeconomics Demand Market structure Market Elasticity Economics laws Supply and demand Demand curve Factor market Supply
This is a Partial Set of Study Notes

Partial Study Notes typically cover only single topics of a unit of study or do not cover multiple topics in significant detail. They are generally less than 20 pages in length.

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Topics this document covers:
Economics Economy Microeconomics Demand Market structure Market Elasticity Economics laws Supply and demand Demand curve Factor market Supply
Sample Text:
Interaction of demand & supply determines price & quantity that best satisfies individual wants with limited resources. o Product market: the interaction of demand for and supply of the outputs of production - Price mechanism – plays central role in factor markets (a market for any input into production process) demand and supply forces determine the price paid for the factors (inputs) and thus the share of total output that is received by individuals o is efficient because: (1) any consumer willing to pay the market price for a good or service will be satisfied and (2) any producer offering goods or s...
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