Our Economy: Strand 3


Key Terms/Summary


Market: A place where buyers and sellers interact with the purpose of exchanging goods and services.


Utility: An economic term meaning satisfaction.


Law of diminishing marginal utility: This means the more you consume of a product, a point will be reached where you no longer get the same levels of satisfaction. After this point, the utility levels will start to decrease.


Price: The amount of payment a seller agrees to sell a product/service for, and a buyer agrees to pay for that product/ service.


Quantity: The amount of the product or service that is demanded by the consumer at a certain price and supplied by the supplier at a certain price.


Supply curve: Shows the same information as the supply schedule but is represented on a graph.


Supply curve shifts to the right: increase in supply, price remains the same.


Supply curve shifts to the left: decrease in supply, price remains the same.


Demand curve: Shows the same information as the demand schedule but it is represented on a graph.


Demand curve shifts to the left: decrease in demand, price remains the same.


Demand curve shifts to the right: increase in demand, price remains the same.


Supply: The law of supply states that there is a positive relationship between the price of a good and the quantity supplied of that good.


Demand: The law of demand states that there is a relationship between price and quantity.


Equilibrium: This is the point on the graph where the demand curve meets the supply curve. At this point we can determine equilibrium price and equilibrium quantity.


Perfect competition: There are many sellers who sell identical products. Example: A farmers’ market.


Imperfect competition: There are many sellers who sell similar products. Example: The cosmetics market.


Monopoly: There is only one seller of goods and services. Example: Irish Rail.


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