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Homogenous: the goods being offered for sale are all the same, no preference betwee none seller or another.
Monopoly: Some markets have only one seller, and this seller sets the price.
Oligopoly: Has a few sellers that do not always compete aggressively. (Een product of dienst wordt door slecht een paar grote aanbieders aangeboden)
Monopolistically: it contains many sellers but each offers a slightly different product. Each seller had the ability to set the price for its own product.
A shift in the demand curve is caused by a factor affecting demand other than a change in price.
A movement along the demand curve occurs when there is a change in price.
Substitutes: Two goods for which an increase in the price of one leads to an increase in the demand for the other.
Complements: Two goods for which an increase in the price of one leads to a decrease in the demand for the other.
Equilibrium: Where the supply and demandcurve intersect. (break-even point)
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Gross domestic product (GDP): measures two things at once, the Total income of everyone in the economy and the Total expenditure on the economy’s output of goods and serveces.
Gross demestic product is the market value of all final goods and services produces within a country in a given period time.
Y=C+I+O+E-M Consumptie, investering, overheid, export, import
GDP deflator= nominal GDP/real GDP*100
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5 steps computing the consumer prices index
1. Fix the basket: weight of the goods
2. Find the prices: find the price of each of the goods and services in the basket for each point in time
3. Compute the basket’s cost: use the data on prices to calculate the cost of the basket of goods and services at different times.
4. Choose a base year and compute the index
5. Compute the inflation rate: the percentage change in the price index from the preceding period
The goal of the consumer prices index is to measure changes in the cost of living. (in other words: CPI tries to gauge how much incomes must rise in order to maintain a constant standard of living. 