
Understanding Demand and Market Principles
Flashcard
•
History
•
5th Grade
•
Hard
Wayground Content
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13 questions
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1.
FLASHCARD QUESTION
Front
What are the two main principles that demand is based on?
Back
Price and Quantity available
2.
FLASHCARD QUESTION
Front
What does "Ceteris paribus" mean in the context of demand?
Back
Other things held constant
3.
FLASHCARD QUESTION
Front
What does an individual's demand schedule show?
Back
Various quantities demanded at different prices
4.
FLASHCARD QUESTION
Front
What role does price play in an individual's demand schedule?
Back
It works as an incentive.
5.
FLASHCARD QUESTION
Front
What is the demand curve based on?
Back
Demand schedule
6.
FLASHCARD QUESTION
Front
What happens to demand when prices increase according to the Law of Demand?
Back
Demand decreases
7.
FLASHCARD QUESTION
Front
What does it mean when a theory is called a "law"?
Back
It is proven true after repeated tests
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