Business Studies Recap Day 4 - Markets
Day 4 of our Year 12 Recap, we are moving on to analysing how markets operate in a business environment!
Markets operate as the place where buyers of a particular good or service are able to meet the sellers of those goods and services. The amount that is purchased at every given price level represents the demand in the market. The amount that businesses wish to produce and supply at every given price level represents the supply at every given price level. The forces of demand and supply interact to determine the prevailing equilibrium price level and quantity sold.
It is important to be comfortable with how markets work to ensure that you are able to discuss the factors which can affect the performance of a business in an essay.
Here Jack guides you through the markets revision slide: