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Supply and Demand
Supply and demand are referred to as forces because they act in different ways and put pressure on prices to change. Price is the amount of money a buyer (a business or consumer) must give up in order to acquire something. Cost refers to the payment to factor inputs in production.
Market
Group of buyers and sellers of a good or service. Markets are everywhere, they exist in many forms.
Sellers
Determine the supply of a product
Buyers
Determine the demand of a product
A competitve market
Has many buyer and sellers, so that none has a significant impact on determining the market price. A competitive market is a market where you have an infinite number of buyers and sellers, so no one of them can influence the price of the product that is exchanged. Individuals in this market, buyers and sellers are price takers
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