What I may already know: • Product price is an important factor for consumers. • Consumers need and want goods and services. • Suppliers are people who supply goods and services to the market.
Learning Intentions
In this chapter, I will learn: • The different market structures in operation. • The factors affecting the demand for goods and services. • The factors affecting the supply of goods and services. • Exceptions to the laws of demand and supply.
• An understanding of market equilibrium and how price is affected by demand and supply.
A market is any place where buyers and sellers can exchange goods and services. A market can be physical (e.g. a supermarket, such as SuperValu) or virtual (e.g. a website, such as Amazon). It can be in a single building, local, national or global.
