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Unit 2: Demand, Supply and Equilibrium market. - Coggle Diagram
Unit 2: Demand, Supply and Equilibrium market.
Demand
Laws
Diminishing marginal utility
Income effect
Price acta as an obstacle
Substitution effect
Determinants
Consumer tastes
Preferences
Number of buyers
Income
Inferior goods
Normal good
Price of related goods
Complementary
Substitute
Consumer expectation
Future prices
Future income
Market
National
International
Local
supply
schedule/ curve
Laws
Price incentives
Cost rise
Individual
Determinants
Number of sellers
Taxes
Technology
Subsidies
Resource price
Producer expectations
Prices of other goods
Market
Market equilibrium
Shortage
Equilibrium price
Surplus
Rationing function of prices
Equilibrium quantity
Efficient allocation
Allocative efficiency
Society valued goods
Producing mix goods
Productive efficiency
Technology
Right resources
least costly goods
Goverment set prices
Price ceiling
Market price