how do you know....that you know? ....see Webnote 94 in Study Skills!
Microeconomics 2.3​ 
Evaluate the Market (price mechanism)+Resource Allocation
Online Activities:
2.3 - Competitive Markets.                           (you should know these key terms)

1.     Market

2.     Price mechanism

3.     price (signal and incentive function)

4.     consumer demand

5.     market demand

6.     firm supply

7.     market supply

8.     clearing price/equilibrium

9.     demand function

10.  law of demand

11.  supply function

12.  law of supply

13.  ceteris paribus

14.  movement in demand

15.  movement in supply

16.  price control

17.  productive efficiency

18.  shift in demand

19.  shift in supply

20.  subsidy

21.  normal goods

22.  inferior goods

23.  substitute goods

24.  complementary goods

25.  producer surplus

26.  consumer surplus

27.  community/social surplus

28.  Allocative efficiency (marginal benefit = marginal cost)

Phrases from syllabus:

1.     Price (signal and incentive function) 

VID 17: Price of Roses
VID 1: S+ D Overview
VID 2: Equilibrium Price and Quantity
VID 3:  Equilibrium: MjM Foodie
VID 4: Pricing on an aeroplane.
VID 5: Car Market in Singapore: why are prices so high?
105- word version
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