1.2.3 Markets

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4 Terms

1
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What is the equilibrium

What does it mean when a market is in equilibrium

When demand equals supply

The sellers are satisfied with sales and buyers are satisfied with the value they are getting for that price

2
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What do you need for 4 marks in a Supply and demand graph question

1 - Axis

1 - Supply + Demand curve

1 - Drawing the second supply/demand curve

1 - Drawing the equilibriums (dotted lines from the axis')

3
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Where does a demand curve point

Where does a supply curve point

Down - Demand for down

Up - Supply for sky

4
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