Demand and Supply (Junior Cert Business Studies): Flashcards
📚Flashcards
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Practise the cards
12 cards from this deck
Black market definition
Black market definition
Illegal buying/selling of goods & services outside official economy
Alternative term for black market
Alternative term for black market
Underground economy
Reasons black markets exist
Reasons black markets exist
Fills gaps legal market can't address (restrictions/demand/taxes)
Black market condition: demand & supply
Black market condition: demand & supply
High demand, low supply situations
Black market pricing characteristic
Black market pricing characteristic
Premium/higher prices due to legal risks & limited competition
Black market impact on legal businesses
Black market impact on legal businesses
Reduced demand for legal alternatives
Market distortion by black markets
Market distortion by black markets
Legal businesses struggle to compete fairly
Consumer protection in black markets
Consumer protection in black markets
No legal recourse or protection under consumer law
Black market product safety risk
Black market product safety risk
Products may be dangerous/ineffective without regulation
Government revenue loss from black markets
Government revenue loss from black markets
Cannot collect VAT, income tax, or other taxes
Black market effect on govt spending
Black market effect on govt spending
Fewer resources for public services & infrastructure
Black market impact on economic planning
Black market impact on economic planning
Hidden from statistics, makes planning harder