price determination in a competitive market

price determination in a competitive market (10 Cards)
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	Front cards	Back cards
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.