Economics Demand and Changes in Demand

You need the textbook. Go to page 91. When we talk about the “______” for a product, we mean more than the desire to simply have or own the item.

• demand
• supply
• price
• quantity
• cost

In order for demand to be counted in the marketplace, desire must be coupled with the ______ and willingness to pay for it.

• ability
• desire
• quantity
• supply
• price

Only those people with demand—the desire, ______, and willingness to buy a product—can compete with others who have similar demands.

• ability
• satisfaction
• quantity
• price
• desire

Demand, like many of the other topics discussed in Unit 2, is a ______ concept.

• microeconomic
• macroeconomic
• statistical
• behavioral
• financial

Microeconomics is the part of economic theory that deals with ______ and decision making by individual units.

• behavior
• supply
• distribution
• global trends
• total income

Microeconomics explains how prices are determined and how individual ______ are made.

• economic decisions
• consumer choices
• political decisions
• firm strategies
• purchasing decisions

The desire, ability, and willingness to buy a product are all components of ______.

• demand
• supply
• supply chain
• total market demand
• economic equilibrium

Microeconomic concepts help explain how ______ are determined in the market.

• prices
• stocks
• wages
• costs
• taxes

Microeconomics focuses on decision making by ______ units, such as people and firms.

• individual
• global
• collective
• national
• social

The concepts of microeconomics help us understand how ______ decisions are made.

• economic
• political
• environmental
• social
• collective