Term
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Definition
| A market exists when buyers and sellers communicate and exchange goods for money. |
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Term
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Definition
| Trade occurs in units such as shops, malls, market squares or kiosks where sellers display goods for buyers. |
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Term
| What does a market system (or price mechanism) do? |
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Definition
- determines prices
- allocates resources
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Term
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Definition
| The amount of a good that will be bought at given prices over a period of time. |
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Term
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Definition
| The amount of a good that sellers are prepared to sell at given prices over a perido of time. |
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