Applied Economics Reviewer

What is Market?

• Exchange of goods

• A place where parties can gather to facilitate the exchange goods and services

• Services

What is demand?

• Consumers

• Price and services

• A person willingness to purchase a product at a specific price

Explain and tangible and intangible of a product

(a)  

What is demand curve

(a)  

What is demand schedule

• Table of demand curve

• Table displaying the demand curve

• Table displaying the quantity of a product and services at a various price points

• Table displaying the quantity of demand in various price points

What is supply

• Refers to a sellers

• Refers to a quantity of goods that seller is willing to sell for sale

• Refers to the quantity of a product

• B and C

What is law of demand

• Direct relationship between the quantity of price

• inverse relationship between the price and the quantity demanded

what will happen if there is an Increase in demand

• Increase in demand shifts the demand curve to the right

• Increase in the demand shift the demand curve to the left

what will happen if there is an decrease in demand

• Decrease in demand shifts the damand curve to the right

• Decrease in demand shifts the damand curve to the left

What will happen if there is a price change in demand

• There is a movement along the curve

• there is a movement along the demand curve

• There is a movement along the quantity of demand