econ test 123

Microeconomics

• 1.  are the consumers of the productive resources (factors of production) in the circular flow model.

• 1. are the owners of the productive resources (factors of production) in the circular flow model

• a model economists use to show the relationships in the economy

• 1. a branch of economics that studies the behavior of individuals and firms in making decisions regarding the allocation of scarce resources and the interactions among these individuals and firms

Circular Flow Diagram-

• 1. are the owners of the productive resources (factors of production) in the circular flow model

• 1. a model economists use to show the relationships in the economy.

• Place where businesses sale good and services to households.

•  are the consumers of the productive resources (factors of production) in the circular flow model.

Households

•  are the consumers of the productive resources (factors of production) in the circular flow model.

• 1. a model economists use to show the relationships in the economy.

• 1. are the owners of the productive resources (factors of production) in the circular flow model

• 1. Place where businesses sale good and services to households.

Businesses

• 1. a model economists use to show the relationships in the economy.

• 1. are the owners of the productive resources (factors of production) in the circular flow model

• 1. Place where businesses sale good and services to households.

• are the consumers of the productive resources (factors of production) in the circular flow model.

Product Market

• 1. Place where businesses sale good and services to households.

•  are the consumers of the productive resources (factors of production) in the circular flow model.

• 1. a model economists use to show the relationships in the economy.

• 1. are the owners of the productive resources (factors of production) in the circular flow model

Factor Market

• Place where businesses sale good and services to households.

• 1. says that as price rises the quantity a seller is willing and able to sell will increase. 

• 1. Place where businesses buy productive resources (land, labor capitol) needed to produce goods and services

• 1. are the owners of the productive resources (factors of production) in the circular flow model

law of supply

• 1. says that as price rises the quantity a seller is willing and able to sell will increase. 

• 1. Place where businesses sale good and services to households.

• says that as the price of a good rises, the quantity of the good consumers are willing and able to buy will decrease

• 1. Place where businesses buy productive resources (land, labor capitol) needed to produce goods and services

Law of Demand

• 1. says that as price rises the quantity a seller is willing and able to sell will increase. 

• 1. are the consumers of the productive resources (factors of production) in the circular flow model.

• says that as the price of a good rises, the quantity of the good consumers are willing and able to buy will decrease.

• 1. are the owners of the productive resources (factors of production) in the circular flow model

Determinant of Demand

• 1. income, populations (# of buyers), expectation of consumers, taste of consumers, price of supplementary goods, price of complementary goods

• says that as the price of a good rises, the quantity of the good consumers are willing and able to buy will decrease.

• 1. Place where businesses buy productive resources (land, labor capitol) needed to produce goods and services

• 1. costs of Inputs (Productive Resources), # of Sellers, Technology, Taxes, Government Regulations, Knowledge & Skills of Workforce

Determinant of Supply

• 1. income, populations (# of buyers), expectation of consumers, taste of consumers, price of supplementary goods, price of complementary goods

• 1. says that as price rises the quantity a seller is willing and able to sell will increase. 

• 1. Cost of Inputs (Productive Resources), # of Sellers, Technology, Taxes, Government Regulations, Knowledge & Skills of Workforce

• 1.  are the consumers of the productive resources (factors of production) in the circular flow model.