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Section 2
Section 3
Extra
Review
100
Consumers must both be willing and able to buy the good or service
What is Demand
100
When demand for a product goes up or down regardless or price, which is displayed by the curve shifting up or down.
What is a Demand Shift
100
Defined as how much demand changes when the prices changes. Can either be elastic or inelastic.
What is Elasticity of Demand
100
The usefulness of a product.
What is utility
100
Level of economics that looks at the big picture such as entire economic systems of countries.
What is Macroeconomics
200
The income that people have available to spend on goods and services that can increase or decrease depending on price.
What is purchasing power
200
A good that is bought and used in place of a more expensive good.
What is a Substitute good
200
When a price change causes a major and opposite change in demand.
What is elastic demand
200
When does the subsitution effect not apply?
What is when there is no substitute
200
Person who studies the choices people make to satisfy their needs and wants
What is economist
300
This is the increase or decrease in purchasing power that occurs because of a price change effects a persons income.
What is income effect
300
A good that is used along with another good like a charger with cell phone.
What is a Complimentary good
300
All the money a producer makes from selling their product.
What is Total Revenue
300
Tool used to display both changes in quantity of demand and shifts in demand.
What is Demand Curve
300
The second best alternative given up when somone buys a product.
What is the opportunity cost.
400
When consumers replace a more expensive product with a similar lower pirced product.
What is substitution effect
400
Determinant of deman that has to do with the number of available buyers
What is Market Size
400
A product is not this if it has elastic deman
What is a neccessity
400
A complete shift in demand is different than a change in quantity demand because shifts in demand are?
What is regardless of price
400
What is created by unlimited wants and limite resources
What is scarcity
500
When a product loses usefulness or utility and this effects the demand for that product
What is Diminishing Marginal Utility
500
Determinant of demandthat has to simply with how popular a product.
What is consumer taste and preference
500
The relationship between total revenue and elastic demand states that revenues and price go in which direction?
What is the opposite
500
If two goods compliment each other and the price of one good goes down and demand goes way up. What will happen to demand for the complimentary good?
What is go up
500
Economic system where individuals determine the answer to all economic decisions such as who to produce for, what to produce, or how to produce it.
What is Capitalism/Market (will except free enterprise)