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MARKET POWER: The ability of buyers or sellers to exert influence over the price or quantity of a good, service, or commodity exchanged in a market. Market power largely depends on the number of competitors on each side of the market. If a market has relatively few buyers, but many sellers, then limited competition on the demand-side of the market means buyers tend to have relatively more market power than sellers. The converse occurs if there are many buyers, but relatively few sellers. This is also termed market control.

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Lesson 8: Market Shocks | Unit 5: Cause and Effect Page: 19 of 20

Topic: Link Sequence <=PAGE BACK | PAGE NEXT=>

The sequence of the cause and effect links is an essential element in economic analysis.

Six steps for market adjustment:

  • First, a determinant change always starts the process.
  • Second, the determinant change causes a shift in either the demand or the supply curve.
  • Third, the shift in the curve causes market disequilibrium, either a shortage or surplus.
  • Fourth, the disequilibrium causes the price to change.
  • Fifth, the price change causes a change in quantity demanded and quantity supplied.
  • Sixth, changes in quantity demand and supplied cause the market equilibrium to be restored.

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ECONOMIC GOOD

A tangible item produced with society's limited resources for the purpose of satisfying wants and needs. As a general notion, the phrase economic good also commonly includes intangible services produced with society's limited resources for the purpose of satisfying wants and needs. A synonymous term for economic good is scarce good.

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RED AGGRESSERINE
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Today, you are likely to spend a great deal of time looking for a downtown retail store looking to buy either a birthday gift for your uncle or a pair of red and purple designer socks. Be on the lookout for slow moving vehicles with darkened windows.
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On a typical day, the United States Mint produces over $1 million worth of dimes.
"Always vote for principle, though you may vote alone, and you may cherish the sweetest reflection that your vote is never lost. "

-- John Quincy Adams, 6th US president

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