Study Plan


	Start with the Market Competition section and complete each chapter in the order shown (work down the list). Click on underlined text to move to the relevant page.


		Sections



	After looking at some real businesses you now need to understand how competitive markets operate: markets where many businesses are competing for customers. Your first step is to understand how a “Market Price” is determined. This is really quite simple, but many students seem determined to make it difficult for themselves! Take this section slowly and make sure you understand each of the following pages: Market Price 1 Market Price 2 Market Price 3 Supply and Demand S & D Analysis If you have any difficulty with the above pages, talk to your teacher who will be able to provide additional examples. At the end of the day, supply and demand analysis is saying: “If consumers demand more of a product,the price will increase; if they demand less, the price will fall”; “If businesses increase the amount of a product on the market,the price will fall; if they reduce the amount on the market, the price will increase”