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Module 3 Preliminary "Markets" Notes

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(95% and Rank #3 in Semester Exam) - Sydney Girls High School Covers: - Supply - Demand - Market Equilibrium Includes: - All relevant diagrams - Complete definitions - Every dot point to a full mark standard

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7 Pages Partial Study Notes < 1 Year old
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Module 3 Preliminary
Topics this document covers:
Economics Economy Microeconomics Demand Market Pricing Economics laws Elasticity Demand curve Price elasticity of demand Supply and demand 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 Pricing Economics laws Elasticity Demand curve Price elasticity of demand Supply and demand Supply
Sample Text:
Occurs because: • Consumers can afford to buy more of the product • The product is cheaper compared to other g/s, so consumers are more willing and able to buy it at the lower price Individual and Market Demand Individual Demand: The demand of each consumer for a particular g/s Market Demand: The demand by all consumers for a particular g/s The Demand Curve Usually slopes downwards from left to right Factors affecting Demand Factor Increase Demand Decrease Demand Price - Lower price: Consumers can afford to buy more of the product and will choose this product over more expensive alternatives - Higher price: Consumers will choose substitute goods or purchase less of the good Income - Rise in income: Consumers can ...
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