Section 1
Section 2
Section 3
vocab
vocab
100
For demand to be counted in the _________, desire must be compared with the ability and willingness to pay for it.
market place
100
Is the part of a ________ in ________ demanded due to a change in the buyer's real income when a price changes.
change,quantity
100
Elasticity is a general _______ that can also be applied to other measures such as ________ or _________.
concept, income, supply
100
What is Microeconomics?
It is the part of economics that studies small units such as individuals and firms.
100
What is Demand Schedule?
It is a table that list how much of a product consumer will buy at the possible prices.
200
Is the part of a change in ______ demanded due to a price change that makes other products more or less costly.
quantity
200
When a demand is unit elastic, the percentage change in quantity equals the ___________________.
percentage change in price.
200
What is the Market Economy?
Its the economic system in which people and firms make all economic decisions.
200
What is the Demand Curve?
It is a graph showing the quantity demanded at each 3 ever price that might prevail in the market.
300
_________ also shows various ________ of a particular product and all the prices that might prevail in the market at a given time.
Demand schedule, quantities
300
What is a change in demand?
Its a shift of the demand curve when people buy different amounts at every price.
300
If adequate substitutes are ______ consumers can switch back and forth between the product and its substitute to take advantage of the best prices.
available
300
What is the Market Demand Curve?
Its a curve that shows now much of a product all customers will buy at all possible prices.
300
What is the Law of Demand?
It is the rule of stating that consumers will buy more of a product at lower prices and less at higher prices.
400
___________ and __________ re very similar they provided the same information.
Demand Schedule, Demand Curve
400
Changes in ___________ can cause a change in demand.
consumer income
400
The _____ substitutes available for a product, the more inelastic the demand.
fewer
400
What is the Marginal Utility?
Its the additional satisfaction or usefulness a consumer gets from having are more unity of a product.
400
What are complements?
They are the products that increase the use of other products.
500
What is different between the Demand Schedule and Demand Curve?
One is in form of a table and the other is a graph.
500
The demand for a product tends to _______ if the price of its substitute goes up.
increase
500
When you buy a product in a store, most states charge a ___________ when you get to the cash register.
sales tax
500
What is Diminishing Marginal Utility?
Its the decrease in satisfaction or usefulness from having one or more unit of the same product.
500
What is elastic?
It is a type of elasticity where a change in price causes a relatively larger change in quantity demanded.
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