From Bubble to Depression?
Studio 4 Learning
Supply and Demand Theory Australia is a market based economy . Goods and services are bought and sold freely, and most production is based on decisions made by private sector firms. In a market, the two key forces are those of supply and demand . In a market, the two fundamental variables are price and quantity . We can prepare a table of individual demand by asking consumers what quantities of a good they would buy, at different prices. In the market summarised above, we can see that 17 items would be bought per week, if the price charged by suppliers is $1 per item.
Microeconomics for MBAs - Modules