Commerce Unit 2

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Consumer confidence

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22 Terms

1

Consumer confidence

the level of optimism consumers show through their spending

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2

how prices are determined

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

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3

law of demand

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

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4

law of supply

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

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5

supply

the markets ability to produce a good or service

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6

demand

the desire of the market to purchase the good or service

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7

market equilibrium

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

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8

price mechanism

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

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9

market

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

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10

monopolistic competition

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

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11

oligopoly competition

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

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12

monopoly competition

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

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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.

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14

retail markets

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

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15

labour markets

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

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16

financial markets

where the trading and exchange of financial instrument occurs

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17

stock markets

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

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18

aspects of indigenous trade

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

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19

goods that aboriginals traded

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

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20

trade route

the distance along which goods are traded

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21

EPBC act

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

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22

how do governments protect all players within the market

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

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