Cameos
She worked for the fashion industry for 15 years before tapping into a market for sophisticated bridal wear.
Who is Vera Wang?
When consumer change the amount of a product that he/she is willing to buy BECAUSE there is a change in the price of a product.
What is Change in Quantity Demanded?
When the price of a good or service decreases, consumers tend to buy MORE of that good or service. When the price of a good or service increases, consumers tend to buy LESS of that good or service.
What is the Law of Demand?
This is when an increase/decrease in demand leads to a larger change in the quantity demanded.
What is Elastic Demand?
This is a table that highlights how much of a good/service a consumer is willing and able to purchase at a price point within a market.
What is a demand schedule?
He was born in Mississippi and worked as a Washington lobbyist for the National Cable Television Association when he had a brilliant brain child, "BET," which he sold several years later to the tune of a cool 3 BILLION DOLLARS, becoming the first African American billionaire.
Who is Robert Johnson?
When an increase/decrease in demand leads to a larger change in the quantity demanded.
What is Elastic Demand?
This states that the marginal (minimal) benefit of using each additional unit of a product during a given period will decline.
What is the Law of Diminishing Marginal Utility?
This is what the calculating of the elasticity of demand actually does.
What is...determine whether to cut prices?
P x Q equals...
What is "total revenue"?
Humbly starting his business of selling books in his garage, today he is the wealthiest person in America, selling any and everything from A to Z.
Who is Jeff Bezos?
When a price change leads to a relatively smaller change in the quantity demanded.
What is Inelastic Demand?
The change in the amount of a product that a consumer will buy because the purchasing power of his/her income changes.
What is Income Effect?
This is the wants and ability to produce and place a product on the market.
What is "supply"?
In the total revenue formula, "P" stands for this...
What is "price"?
She was fired from a news anchoring job. Her boss told her that she was not a good fit. She went on to host a popular national talk show for over 20 years and is now a media mogul, owning her own cable network called "OWN". Today, at the age of 65, her net worth is $2.6 Billion.
Who is Oprah Winfrey?
These three (3) things determine elasticity.
What is...
Substitute goods or services
Proportion of income
Necessities vs. Luxuries?
The pattern of behavior that occurs when consumers react to a change in the price of a good or service by buying a substitute product (with relative value and stable price).
What is Substitution Effect?
This is when a price change leads to a relatively smaller change in the quantity demanded.
What is Inelastic Demand?
In the total revenue formula, Q stands for this...
What is "quantity of goods sold"?
Born in Canada, she was discovered as a singer when she was a teenager. Today she has sold over 220 million albums worldwide and is worth $450 million.
Who is Celine Dion?
Occurs when there is a change in the market that causes consumers to buy different amounts of a good or service at every price.
What is changes in demand?
This happens if there is a change in price that leads to a relatively smaller change in quantity supplied.
What is Inelastic Supply?
This states: "Producers are willing to produce more of a product/service, if they can get a higher price (more profit!). If they can only get a lower price, producers will produce less of a product/service."
What is the Law of Supply?
This is a table that demonstrates the quantity of a good/service a producer is willing and able to place on the market at each price point in a market.
What is a Supply Schedule?