Relative Prices (Grade 11 NSC Matric Economics): Flashcards

Meeting place where buyers and sellers connect

Markets where finished products are sold to consumers

Markets where factors of production are bought and sold

Labour, land, and capital (machinery, equipment)

Comparing the price of one good/service to another

Opportunity cost of choices

Higher prices → producers supply more; lower → supply less

Higher prices → consumers buy less; lower → buy more

Price where amount supplied equals amount demanded

Supply and demand