Commerce Unit 2

studied byStudied by 4 people
5.0(2)
Get a hint
Hint

Consumer confidence

1 / 21

encourage image

There's no tags or description

Looks like no one added any tags here yet for you.

22 Terms

1

Consumer confidence

the level of optimism consumers show through their spending

New cards
2

how prices are determined

taxes, global events, supply and demand, costs, rival products

New cards
3

law of demand

as price increases, demand decreases. if the price decreases, the demand increases.

New cards
4

law of supply

as prices increase, the quantity supplied will increase. if the price decreases, the supply will decrease.

New cards
5

supply

the markets ability to produce a good or service

New cards
6

demand

the desire of the market to purchase the good or service

New cards
7

market equilibrium

the point at which buyers and sellers agree on a price and exchange the good or service for money

New cards
8

price mechanism

the forces of demand and supply in determining the price and quantity of a good or service

New cards
9

market

a facilitation between the exchange or swapping of goods and services between buyers and sellers

New cards
10

monopolistic competition

market structure where there are many small firms competing against each other, each offering a slightly different product

New cards
11

oligopoly competition

a market structure where a small number of large firms dominate the market, they have significant control over pricing

New cards
12

monopoly competition

a market structure where a single firm dominates the entire market. this firm has complete control over pricing and supply

New cards
13

perfect competition

a market structure where there are many small firms competing against each other. no firm has control over pricing or supply, they sell identical products.

New cards
14

retail markets

for the sale of goods or services by a company directly to consumers

New cards
15

labour markets

the availability of employment and labour, in terms of supply and demand

New cards
16

financial markets

where the trading and exchange of financial instrument occurs

New cards
17

stock markets

where buyers and sellers exchange stocks, or equity shares and public corporations

New cards
18

aspects of indigenous trade

traditional ownership rights, communal sharing rules, knowledge transfer through traditional means, traditional land and resource management

New cards
19

goods that aboriginals traded

shells, tools, fish, crab, bird eggs, stories, ochres

New cards
20

trade route

the distance along which goods are traded

New cards
21

EPBC act

provides protection of the environment, conserving Australia's biodiversity and national heritage.

New cards
22

how do governments protect all players within the market

managing and stabilising the economy, promotes growth, transferring incomes via the tax system

New cards

Explore top notes

note Note
studied byStudied by 36 people
Updated ... ago
5.0 Stars(1)
note Note
studied byStudied by 34 people
Updated ... ago
5.0 Stars(1)
note Note
studied byStudied by 6 people
Updated ... ago
5.0 Stars(1)
note Note
studied byStudied by 19 people
Updated ... ago
5.0 Stars(1)
note Note
studied byStudied by 34127 people
Updated ... ago
4.8 Stars(361)
note Note
studied byStudied by 6 people
Updated ... ago
5.0 Stars(1)
note Note
studied byStudied by 45 people
Updated ... ago
5.0 Stars(1)
note Note
studied byStudied by 29 people
Updated ... ago
5.0 Stars(2)

Explore top flashcards

flashcards Flashcard32 terms
studied byStudied by 89 people
Updated ... ago
5.0 Stars(4)
flashcards Flashcard46 terms
studied byStudied by 3 people
Updated ... ago
5.0 Stars(1)
flashcards Flashcard98 terms
studied byStudied by 47 people
Updated ... ago
5.0 Stars(1)
flashcards Flashcard60 terms
studied byStudied by 91 people
Updated ... ago
4.5 Stars(2)
flashcards Flashcard65 terms
studied byStudied by 21 people
Updated ... ago
5.0 Stars(1)
flashcards Flashcard42 terms
studied byStudied by 2 people
Updated ... ago
5.0 Stars(1)
flashcards Flashcard58 terms
studied byStudied by 175 people
Updated ... ago
5.0 Stars(5)
flashcards Flashcard342 terms
studied byStudied by 25258 people
Updated ... ago
4.4 Stars(117)