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Background to the EU.
Member rating: No Rating | Words: | Submitted: Wed Oct 08 2003
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Background to the EU 1. Background to the EU Supply and Demand One of the main functions of markets is to make trade easier Markets also have a lot to do with the price of a product or service, economics, call this the market price. Markets have a least two players, a buyer and a seller. So the price depends on how the buyer is prepared to pay and how much the sellers are willing to sell for. The acceptable price is called the equilibrium price. The equilibrium price is important because in theory there should be no unsold stock and no customers waiting for more deliveries. A market with either unsold stock or unsatisfied customers is in disequilibrium. The equilibrium price is where the demand and supply line cross. Supply The supply is the amount of goods or services that businesses are willing to produce over a defined period of time. The quantity...
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