What is Demand?
Which economic term is defined as the desire to have a good or service and the ability to pay for it?
What is demand?
Goods and services that are used together
What are complements?
the desire and ability to produce and sell a product is
What is supply?
having a worker focused on a particular aspect of production
What is specialization?
What do the different points along a supply curve show
What is a change in quantity supplied?
This is a description of Prices and Quantity Demanded and their relationship(move in opposite directions)
What is an Inverse Relationship?
an increase or decrease in the amount that consumers are willing and able to buy in response to a change in price
What is a change in quantity demanded?
What motivates producers to increase supply
What is profit?
the sum of fixed costs and variable costs
What is total costs?
a tax on goods that are exported to another country
What is an excise tax?
A graph showing how much of a product an individual is willing and able to buy
What is a demand schedule?
a change in the amount that consumers will buy because the purchasing power of their money changes
What is the income effect?
a table showing how much of a product someone is willing and able to offer for sell
What is a supply schedule?
costs that businesses incur no matter how much they produce
What are fixed costs?
when government controls business behavior through rules or laws
what is regulation?
A table showing how much of a product an individual is willing and able to buy
What is a demand schedule?
A change in the amount that consumers will buy because they buy other goods instead
What is the substitution effect?
when prices go up, quantity supplied goes up, when prices go down, quantity supplied goes down.
What is Law of supply?
a company's income from selling its products
What are total revenue?
what is the most likely outcome when the number of producers of a particular product rises
what is an increase in supply?
When prices go up quantity demanded goes down, when price go down quantity demanded goes up.
What is Law of Demand?
the idea that the marginal benefit of using each additional unit of a product during a given period will decline.
What is the Law of diminishing marginal utility?
Supply curves are created using the assumption that all economic factors remain constant except
What are Prices?
costs that depend on the level of production output
What are variable costs?
excise taxes, regulations, subsidies
What are examples of government actions?