4-1
A field of economics that deals with behavior and decision making by small units.
What is microeconomics?
Products used in place of other products.
What is a substitute?
Utilities, medicine, water...
What are examples of inelastic goods?
$3,999
How much did a cell phone cost in 1984?
Desire, ability, and willingness to buy a product.
What is Demand?
Buying store brand ketchup after Heinz raises its price.
What is an example of the substitution effect?
The same, or equivalent amount
What is Proportional?
5 cents
How much did a Snickers cost in 1930?
An economy where people and firms act in their own best interests to answer the basic WHAT, HOW, and FOR WHOM questions.
What is a market economy?
A product that increases the use of other products.
What is a complement?
When changes in price have little effect on demand (if the price goes down, people buy the same amount).
The name of this class.
What is Economics?
A graph that shows the various quantities demanded of a particular product at all prices.
What is a demand schedule?
People deciding to buy different amounts of the product at the same prices
What is change in demand?
When a small change in price triggers a large change in demand (if the price goes down, people buy more).
What is Elastic?
This classroom's room number.
What is 3302?
This law states that as prices go up, demand goes down.
What is the Law of Demand?
The change in quantity demanded because of a change in price that alters consumers’ real income.
What is the Income effect?
The extent to which a change in price causes a change in the quantity demanded.
What is Demand Elasticity?
Mr. Jacobi's dog's name.
What is Mei?