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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. |
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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 |
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Term
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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 |
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Definition
| The buying and selling of information, goods or services over the internet. |
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Term
| Name different types of markets |
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Definition
- Stock market
- Cattle Market
- Online Market
- Consumer Markets |
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Term
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Definition
| When decisions made in the market will affect the econonmy. |
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| Example of a market economy |
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Definition
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| Explain how markets play a big role in the economy |
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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. |
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| Selling Price / Market Equilibrium |
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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. |
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| Some External Factors that affect demand |
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Definition
- An effective advertising campaign
- Popularity
- Consumer incomes of expectations of the future
- Other competitors in the market / prices of closely related goods |
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| External Factors that affect supply |
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Definition
- Natural Disasters
- Changes in technology
- Government Taxes and regulationa
- Consumer incomes and expectations of the future |
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Term
| When Drawing A demand graph what is the order of lines? |
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Definition
| Decrease, Demand and Increase |
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Term
| When drawing all demand and supply graphs what is marked on the x and y axis? |
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Definition
| $Price on y axis and quantity on x axis |
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| When drawing a supply graph what is the order of lines? |
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Definition
| Decrease, Supply and Increase |
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Definition
| Of course you will, you have studied! Good luck! |
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