Commerce Unit 2

Consumer confidence

the level of optimism consumers show through their spending

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how prices are determined

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

law of demand

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

law of supply

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

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supply

the markets ability to produce a good or service

demand

the desire of the market to purchase the good or service

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market equilibrium

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

price mechanism

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

market

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

monopolistic competition

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

oligopoly competition

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

monopoly competition

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

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.

retail markets

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

labour markets

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

financial markets

where the trading and exchange of financial instrument occurs

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stock markets

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

aspects of indigenous trade

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

goods that aboriginals traded

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

trade route

the distance along which goods are traded

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EPBC act 

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

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how do governments protect all players within the market

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