Market - Place where buyers and sellers connect with each other in order to trade or exchange goods and services., Final Market - Finished goods are bought and sold here., Commodity Market - Raw materials that are used in the production of goods and services are bought and sold here., Demand - The quantity of a product that consumers are willing to buy at a particular price., Inflation - A sustained increase in the general level of prices from one period to the next., Demand schedule - Shows the number of goods demanded by customers at different price levels., Effective demand - A willingness to buy a good or service, backed up by an ability to pay., Demand curve - A graph that illustrates the expected demand for a product at various price levels., Complementary goods - A product that is used with another product. Change in demand for one will impact on demand for the other., Substitute goods - A good that can be used instead of another good., Inferior Goods - As income decreases, demand for these goods increases., Supply - Refers to the quantity of a product that producers are willing to sell at a given price., Supply curve - Graph that illustrates the quantity of a product that a producer is willing and able to supply at a series of price points., Market Equilibrium - When a market settles at a point where the quantity demanded equals the quantity supplied., Supply schedule - Shows how much the firm is willing to supply at particular prices.,

JC Bus Supply & Demand

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