Unit 1 Microeconomics

Front

What is demand?

Back

A consumer's desire to purchase goods and services and willingness to pay a specific price for them.

Front

What is the law of demand?

Back

When the price of a product goes up, the quantity demanded will go down. When the price of a product goes down, the quantity demanded will go up.

Front

What is the law of supply?

Back

Producers will supply more of a good or service at a higher price, producers will supply less of a good or service at a lower price.

Front

What are the determinants of demand?

Back

Change in income, taste and fads, population, and price of a substitute.

Front

What is supply?

Back

The number of products that a producer or seller is willing and able to provide to buyers.

Front

What is a consumer?

Back

People who buy or use goods and services to satisfy their wants or needs.

Front

What is a producer?

Back

Someone who creates and supplies goods or services.

Front

What is a good?

Back

Products and resources that satisfy people's needs and wants.

Front

What is a service?

Back

Intangible activities, jobs, benefits or assistance that one person or business performs or provides to another.

Front

What is a demand schedule?

Back

A table that shows the quantity demanded at each price.