1.2.3 - markets

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5 Terms

1
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market equilibrium

the point where supply and demand are equal

2
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what do market forces do

push prices towards market equilibrium

3
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what is market equilibrium also known as

market clearing price, equilibrium price

4
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what happens at market equilibrium

all products will be sold at this price

5
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what causes a shift in the supply and demand curves

tastes and preferences, size of population, prices of related goods, income change of consumers