markets - allocation of resources

What is demand?

The quantity of a product / service that customers want or need

What is supply?

The quantity of goods / services offered for sale

What is productivity?

Money value of goods / services generated per hour worked

What is a market?

An environment where 2 parties meet to perform a transactionW

What is market value?

The going rate for a good / service

What is inflation?

Everything becomes expensive - wage bill, production cost, shortage or scarcity of a product / service

What is a factor market?

Where factors of production like land, labour, capital and enterprise are bought and sold

What is a product market?

Where goods + services are sold + bought, also sometimes referred to as the consumer market

What is the link between demand and price

As price rises, demand falls. As price falls, demand rises

What is a trend?

What’s popular with the people at the time

What is advertising / marketing?

Encouraging people to buy your product

What is branding?

Labels telling something about the brand 

What is level of income?

How many people can afford a product / service

What is product loyalty?

“I only buy Nike / Moncler / Gucci” Rather than searching the market, you stick with one company

What is complements?

If you buy this, we give you this, like an add on

What is price of substitutes?

May opt for value for moeny