Unit 1 Microeconomics

What is demand?

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

• 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. 

• 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.

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

What is the law of demand?

• 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.

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

• 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.

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

What is the law of supply?

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

• 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.

• 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.

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

What are the determinants of demand?

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

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

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

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

What is supply?

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

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

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

• Someone who creates and supplies goods or services.

What is a consumer?

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

• Someone who creates and supplies goods or services.

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

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

What is a producer?

• 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.

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

• Someone who creates and supplies goods or services.

• A table that shows the quantity demanded at each price.

What is a good?

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

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

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

• A table that shows the quantity demanded at each price.

What is a service?

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

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

• Someone who creates and supplies goods or services.

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

What is a demand schedule?

• A table that shows the quantity demanded at each price.

• 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.

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

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