http://online.clickview.com.au/mylibrary/videos/a7b3ec72-ce1f-e75f-9368-068bfd8c9df0

 

Some terms used during the video

  • Market
  • Consumers
  • Producers
  • Consumer sovereignty
  • Value added
  • Law of demand
  • Elastic demand
  • Inelastic demand
  • Substitute goods
  • Complementary goods
  • Demand factors
  • Needs
  • Wants
  • Production
  • Factors of production
  • Relative scarcity
  • Law of supply
  • Supply factors
  • Efficiency
  • Levels of government
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