Term
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Definition
| The context in which potential buyers and sellers of a good or service can negotiate exchanges. |
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Term
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Definition
| A good whose demand increases when the incomes of buyers increase. |
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Term
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Definition
| A good whose demand decreases when the incomes of buyers increase. |
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Term
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Definition
| Two goods where if there is an increase in price of one, there will be an increase in demand of the other. |
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Term
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Definition
| Two goods where if there is an increase in the price of one, there will be a decrease in demand of the other. |
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Term
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Definition
| A stable, balanced, or unchanging situation in which all forces at work within a system are cancelled by others. |
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Term
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Definition
| A market that will leave no unexploited opportunities for trade between indidivduals. |
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