price determination in a competitive market (10 Cards)
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1 complimentary goods goods that are demanded because of a demand for another good e.g cinema and popcorn
2 composite demand when one good is demanded for two or more uses.
3 contraction along the demand curve a decrease in demand
4 effective demand having the willingness and ability to buy a good or service
5 equilibrium price the price at which planned demand for a good or service exactly equals planned supply.
6 extension along demand curve an increase in demand
7 joint demand when one good is demanded alongside another good
8 movement along demand curve is caused by a change in price with all other things being equal
9 shift in the demand curve caused by a change in the determinants of demand.
10 substitute goods goods that can be replaced with another good and carry out the same service.