Law of Demand
This exists only when consumers have both the desire and the ability to purchase a product.
What is demand?
This is the quantity of a good that producers are willing to offer for sale at a specific price.
What is supply
his is the actual price that prevails in a market at any particular moment.
What is Market Price?
This term is an indication of how changes in price will affect changes in amounts demanded or supplied.
What is Elasticity?
This term describes a product's ability to satisfy a potential customer's wants or needs.
What is Utility?
If Jeremy wants a car but refuses to pay the $14,500 asking price, this economic condition does not exist.
What is demand
According to the Law of Supply, if the price of Bluetooth speakers increases, this will happen to the quantity offered for sale.
What is Increase?
This type of market exists when there is a large supply, small demand, and low prices.
What is a Buyer’s Market?
If a small change in price leads to a major change in the number of buyers, demand is considered this.
What is Elastic/Elastic Demand?
A consumer’s age, gender, and occupation are all factors that affect a product’s perceived _____.
A consumer’s age, gender, and occupation are all factors that affect a product’s perceived _____.
This term describes the amount of money a consumer actually has available to spend.
What is buying power?
Most businesses strive to keep their supply in direct proportion to this.
What is Demand?
High prices and high profits for sellers are characteristic of this type of market.
What is a Seller’s Market?
Demand is more likely to be elastic when the product is considered one of these non-essential items.
What is a Luxury?
Taxes, restrictions, and subsidies are examples of these that can cause a decrease in supply.
What are Government Regulations?
When the price of a main product increases, the demand for this "partner" product usually decreases.
What is a Complementary Product?
This specific factor—such as a flood or a freeze—can unexpectedly change the supply of a product.
What is a Natural Disaster?
If demand for TVs is great, the Law of Supply and Demand predicts that both price and supply will do this.
What is Increase?
Alice continuing to buy gas even after a 15-cent tax increase is an example of this type of demand.
What is Inelastic Demand?
This factor has completely eliminated the supply of certain old products like rotary phones or mimeographs.
What is Technology?
This "standard" describes the quality of life or general living conditions that influence a person's buying decisions.
What is Standard of Living?
If a business realizes the cost of production is higher than the selling price, they will likely choose this action regarding supply.
What is not produce it/keep it off the market?
This factor, involving the number of similar businesses in an area, forced Don to close his small grocery store.
What is Number of Producers/Competition?
Demand for a product becomes more elastic when these "alternative" items are readily available.
What are Substitutes?
This is the total amount of money spent on materials and labor to manufacture a good.
What is Cost of Production?