Demand
Demand in economics.
The consumers ability or willingness to buy a good or service?
Supply in economics.
The producers willingness and ability to supply a good or service
In economics consumers wish to do this.
Maximize their utility?
In economics producers wish to do this.
Maximize their revenue and therefore profit?
Market equilibrium.
When consumers are demanding the exact amount that producers are supplying?
Demand curves shape.
A downward slope?
Supply curves shape.
A upward slope?
The T in (I.N.S.E.C.T).
Tastes and Preferences?
The "P" in (P.E.N.T.I.C.).
Policies of government?
Supply and Demand in the market.
Work together to set market price and market quantity?
Utility in economics.
The satisfaction, pleasure, or usefulness that a consumers gets from using a good or service.
Revenue in economics.
How much money a business makes from doing individual business or sales?
Elon Musk joins in on US political affairs.
Demand for Tesla's decreases due to tastes and preferences
The price of copper an essential component in electronics has increased.
Supply for electronics decreases due to input costs?
Surpluses in economics.
Extra unsold goods and services? Occur above market equilibrium? Too high of prices resulting in consumers unable to buy?
The Law of Diminishing Marginal Utility.
As a consumer uses more of a good or service, their utility decreases with each additional use.
Profit in economics.
The reason businesses exist? The total amount of money a business makes? Mainly made from product revenue?
The price of gas is said to be going up by the end of the week.
Demand increases due expectations?
The government gives subsidies to peach farmers.
Supply increases due to policies of government?
Shortages in economics.
Not enough goods or services? Occurs below market equilibrium? Too low of prices resulting in consumers buying out the product?
The law of demand.
As price increases, demand decreases. AND VICE VERSA!???
The law of supply.
As price increases, supply increases. AND VICE VERSA!??
What do all the letters stand for in (I.N.S.E.C.T)
Income, Number of consumers, Substitutional goods price, Expectations, Complementary goods price and Tastes/Preferences?
What do all the letters stand for in (P.E.N.T.I.C)
Polices of government, Expectations, Number of producers, Input costs, Conditions/Events?
Disequilibrium? Resulting in either market surplus or shortage?