abstract market
An abstract market is the whole of supply of and demand for a good or service, without there being a place where supply and demand actually come together.

concrete market
A concrete market is a place where consumers and suppliers meet personally or online in order to negotiate about the price of the goods and services.

consume
Purchasing goods and services by families and by government to existing needs.

consumers
Buyers of goods and services, who have no intention to sell them or to process them for sale.

demand curve
The demand curve indicates the relation between the price and the demanded quantity.

demand for labour
The quantity of labour or workers which employers jointly want to buy (= employ). It consists of employment and vacancies.

employees
Works for a wage in the service of an employer.

employment
The number of people who have a job. Consists of people in paid employment (employees) and the self-employed.

equilibrium price
The price that is established if the demand is equal to the supply.

equilibrium quantity
The number of products supplied and demanded at the equilibrium price.

goods
Material products.

invest
Investing is the purchase of capital goods by companies. These goods and services are needed for the production.

labour productivity
The production per person per time unit (such as an hour or a working year).

luxury goods
Goods not necessary for people’s lives.

market
Place where consumers and suppliers meet.

model
A model is a simplified representation of reality and can be used to make predictions, to analyse certain situations or developments and to take decisions.

primary goods
Goods that are necessary to live on.

producers
Makers of goods and services.

self-employed
The working people who are not in paid employment.

services
Non-material (= intangible) goods such as a taxi ride, a visit to the family doctor, a theatrical performance, etc.

supply curve
The supply curve is a graphic representation of the relation between the price of an article and the quantity supplied of that article. This supply curve can indicate both the individual and the collective supply.

supply of labour
(= working population) Persons between 15 and 75 years old who want to work and can work: they offer their working (power) on the labour market. It consists of the people in employment, self-employed persons and the registered jobless people.

unemployed
Persons between 15 and 75 years old without work, who want to work at least 1 hour a week and are available for that purpose.

unemployment rate
The number of unemployed persons expressed as a percentage of the working population

willingness to pay
The maximum amount you are prepared to pay for something.

willingness to supply
The willingness of the supplier to offer a certain quantity at a certain price.

working population
Persons between 15 and 75 years old who want to work and can work: they offer their labour (working power) on the labour market. It consists of the people in employment, self-employed persons and the registered jobless people.

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