Quiz #2 in Economic Development

These are goods that can be used in place of other goods. They are related in such a way that an increase in the price of one good causes an increase in the demand for other good or vice versa.

An increase in the _____ means more demand for goods and services. Inversely, less _____ means less demand for goods and services.

Refers to a good for which demand falls when income rises or vice versa.

It is the amount of goods or services consumers are willing and able to buy/purchase at a given price, place and period of time.

 

It is brought by the changes in the non-price determinants of demand.

It is typically downward sloping. It describes the negative relation between the price of a good and the quantity that consumers want to buy at a given price.

Refers to a good for which demand at every price increase when income rises or vice versa.

State that as price increases, quantity supplied also increases, and as price decreases supplied also decreases.

Show the tabular representation of the relationship between the quantity of a good supplied and its price.

It is  a state which implies a balance between the opposing forces, a situation in which quantity demanded and quantity supplied equal.