UNIT 18 Supply and Demand


Business Studies Dictionary Barriers to entry Cost of production


Computer-aided design (CAD)


Computer-aided manufacturing (CAM)


Economic term describing the existence of high start-up costs or other obstacles that prevent new competitors from easily entering an industry or area of business.


The cost of making products. The use of technology in design.


The use of technology in production.


Complementary good A good used in conjunction with another good or service. Such a good may have little value without its complement. When the price of a particular good rises, the demand for its complement drops because consumers are unlikely to use the complement alone, e.g. shoes and shoelaces or cars and petrol.


Demand Demand curve Demand schedule Equilibrium Government policy


The amount of goods and services that consumers are willing to purchase at a given time for a given price.


Graph showing quantities that consumers will buy at different prices.


Shows the price of the product and the quantity demanded at that given price.


When supply equals demand. The point where the demand curve and supply curve meet is the point of equilibrium.


This is a government action to influence the economy, e.g. increase VAT on diesel.


Imperfect competition In this market you have many sellers who sell similar products, e.g. the cosmetic market.


Law of diminishing marginal utility


Market Monopoly Perfect competition Price


The more a customer consumes a product, a point will be reached where they no longer experience the same level of satisfaction.


A setting where potential sellers and potential buyers come together to trade.


In this market, there is only one seller of a product, e.g. Irish Rail.


In this market, there are many sellers who sell identical products, e.g. a farmers’ market.


The cost of a product or service. One of the 4 Ps in the marketing mix.


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