1. What does the law of demand state about the relationship between price and quantity demanded?
2. What is the primary function of a market as described in the revision sheet?
3. Which factor is NOT a typical cause of shifts in the demand curve?
Market — definition?
Place for exchange of goods/services.
Market — definition?
Exchange platform for goods/services.
Demand — role?
Determines how much consumers want at various prices.
Law of Demand — relationship?
Inverse between price and demanded quantity.
Price elasticity of demand — formula?
% change in Q / % change in P.
Price Elasticity of Demand — measure?
Demand responsiveness to price changes.
The revision sheet covers the essential concepts of Understanding Market Mechanics. It is organized by topic to facilitate learning and memorization, with key definitions, explanations and summaries.
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