Price: - The sum of money you have to pay for a good or service. It is determined by the interaction of supply and demand., Monopoly: - A sole producer or seller of a good or service., Efficiency: - The optimal production and distribution of scarce resources. - no excess demand or supply. , Equilibrium price and quantity - Where the quantity supplied exactly matches the quantity demanded., Allocation of resources - How scarce resources are distributed among producers, and how scarce goods and services are allocated among consumers., Oligopoly: - Where a small number of firms control the large majority of market share., Determination of price - The interaction of the free market forces of demand and supply to establish the general level of price for a good or service., Market forces - Factors that determine price levels and the availability of goods and services in an economy without government intervention, Competition: - Where different firms are trying to sell a similar product to a consumer., Signalling - tells you where resources are needed. , Transmission of prefernce - By making choices producers indicate their needs. - owners of resources would be more willing to sell them. , Rationing - where resources are scarce, price rises so the demand equals supply. ,

Price & Competition - OCR GCSE

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