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How to study your flashcards.
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10 Cards in this Set
- Front
- Back
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Supply
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Quantity a supplier is willing to produce at a given price
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Demand
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something that a person is willing and able to Buy
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4 P's of Market
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Product
Place Price Promotion |
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Perfect Competition
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a large # of buyers and sellers exchange identical products under 5 conditions
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Oligopoly
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-few very large sellers dominate the industry
-final prices higher than in monopolistic |
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Monopoly
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Only one seller of a particular product
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Goods and services
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-something that is intended to satisfy wants of a consumer
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Equilibrium Point
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market price that generates an equal amount of supply and demand
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Break even point
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revenue equals the estimated total costs
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Marketing
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goods and services move from concept to the customer
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