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TAT for Eco - By Jarrod
Study!
15
Economics
9th Grade
11/03/2011

Additional Economics Flashcards

 


 

Cards

Term
Cool Hunting
Definition
Is when business' target a teenage demographic by enticing them that their product is cool and popular among the teenage market. It's how business' incorporate what is cool right now into their advertising campaign.
Term
Demand
Definition
The amount of goods and services that will be bought a particular price.

- Higher prices lead to lower quantities being bought
- Lower prices lead to higher quantities being bought
Term
Supply
Definition
The amount of goods and services that will be offered for sale at a particular price.

- Higher prices lead to higher quantities being supplied to the market
- Lower prices lead to lower quantities being supplied to the market
Term
E-Commerce
Definition
The buying and selling of information, goods or services over the internet.
Term
Name different types of markets
Definition
- Stock market
- Cattle Market
- Online Market
- Consumer Markets
Term
Market Economy
Definition
When decisions made in the market will affect the econonmy.
Term
Example of a market economy
Definition
The Australian economy
Term
Explain how markets play a big role in the economy
Definition
Trade (buying and selling) is esssential for the economy to survive. Whether it be the stock market that affects dollar value, or the online market which lets Australia buy and sell from / to foreign contries. Or just shopping markets were there is a lot of money flow due to money being exchanged for goods or services.
Term
Selling Price / Market Equilibrium
Definition
The point where the demand = the supply. This is often the selling price of a product as there is enough supply and enough demand.
Term
Some External Factors that affect demand
Definition
- An effective advertising campaign
- Popularity
- Consumer incomes of expectations of the future
- Other competitors in the market / prices of closely related goods
Term
External Factors that affect supply
Definition
- Natural Disasters
- Changes in technology
- Government Taxes and regulationa
- Consumer incomes and expectations of the future
Term
When Drawing A demand graph what is the order of lines?
Definition
Decrease, Demand and Increase
Term
When drawing all demand and supply graphs what is marked on the x and y axis?
Definition
$Price on y axis and quantity on x axis
Term
When drawing a supply graph what is the order of lines?
Definition
Decrease, Supply and Increase
Term
Will you ace this test?
Definition
Of course you will, you have studied! Good luck!
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