4.1 Intro to Demand

What does “demand” for a product refer to in economics?

• Desire, ability, and willingness to pay
• Simply wanting or wishing for it
• Only being able to afford it
• Just the ability to buy it
• Having the product already

What must desire be coupled with for demand to be counted in the marketplace?

• Ability and willingness to pay
• Desire to have it
• Willingness to own it
• Ability to buy it without desire
• Willingness to sell it

Who can compete with others who have similar demands in the marketplace?

• Those with the desire, ability, and willingness to buy
• Only those who desire the product
• People who can afford it only
• Those who are willing to pay
• People who already own it

What does “microeconomics” focus on?

• Behavior and decision making by individuals and firms
• Global economic policies
• Large-scale economic movements
• Government actions in the market
• Trade relations between countries

What does microeconomics explain about prices?

• How prices are determined
• The prices set by governments
• The average cost of products
• The prices in international trade
• The demand from other countries

What does microeconomics help explain about economic decisions?

• How individual economic decisions are made
• How businesses set regulations
• The global economic strategies
• The behavior of international firms
• The pricing of multinational goods

In which unit of study is demand discussed?

• Unit 2
• Unit 1
• Unit 3
• Unit 5
• Unit 4

What is necessary for demand to exist in the marketplace?

• Ability and willingness to pay
• Only the desire for a product
• Only having the product available
• Only having the financial resources
• A strong interest in owning it

What kind of concepts are discussed in microeconomics?

• Microeconomic concepts
• Macro-level concepts
• Concepts about international trade
• Concepts about global supply
• Concepts about national policies

What type of decisions does microeconomics focus on?

• Individual decisions made by people and firms
• Collective government decisions
• Decisions made by large corporations
• Decisions made by world leaders
• National decisions on tariffs