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Price determination
Understand the concept of market equilibrium, including how to define, illustrate, and interpret demand and supply schedules and curves to determine the equilibrium price and quantity sold in a market.
2
Objectives
20
Flashcards
14
Questions
90 min
Study time
CambridgeIGCSEEconomicsThe allocation of resources
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Price determination outcomes2 objectives
- Understand the concept of market equilibrium, including how to define, illustrate, and interpret demand and supply schedules and curves to determine the equilibrium price and quantity sold in a market.
- Learn about market disequilibrium, including how to define, illustrate, and interpret demand and supply schedules and curves to recognize prices that indicate disequilibrium, as well as situations of shortages (where demand exceeds supply) and surpluses (where supply exceeds demand).
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DefineDescribeExplainIdentify
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