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Economics jigsaw IV – demand determinants & elasticity

question
change in demand
answer
a shift of the demand curve, which changes the quantity demanded at any given price
question
supply curve
answer
a graph of the relationship between the price of a good and the quantity supplied
question
marginal utility
answer
satisfaction or usefulness obtained from acquiring one more unit of a product
question
Determinants of Demand
answer
Factors other than price that determine the quantities demanded of a good or service
question
change in taste
answer
If a person does not like an item, demand for that item will go down
question
quantity supplied
answer
the amount of a good that sellers are willing and able to sell
question
Law of Demand
answer
consumers buy more of a good when its price decreases and less when its price increases
question
demand curve
answer
a graph of the relationship between the price of a good and the quantity demanded
question
change in supply
answer
a shift of the supply curve, which changes the quantity supplied at any given price
question
Inelastic
answer
describes demand that is not very sensitive to price changes
question
complement
answer
something that completes or makes up a whole
question
opportunity cost
answer
the most desirable alternative given up as the result of a decision
question
change in quantity supplied
answer
the change in amount offered for sale in response to a change in price
question
medicine
answer
the branch of economics concerned with the application of economic theory to phenomena and problems associated typically with the second and third health market outlined above: physician and institutional service providers.
question
substitute
answer
a good that can be used in place of another good
question
quantity demanded
answer
the amount of a good that buyers are willing and able to purchase
question
change in quantity demanded
answer
movement along the demand curve showing that a different quantity is purchased in response to a change in price
question
income effect
answer
the change in consumption resulting from a change in real income
question
elastic
answer
describes demand that is very sensitive to a change in price
question
cost of production
answer
The total cost of materials, labor, and other inputs required in the manufacture of a product
question
Elasticity
answer
A measure of how much one economic variable responds to changes in another economic variable.
question
Ceteris Paribus
answer
other things being equal
1 of 22
question
change in demand
answer
a shift of the demand curve, which changes the quantity demanded at any given price
question
supply curve
answer
a graph of the relationship between the price of a good and the quantity supplied
question
marginal utility
answer
satisfaction or usefulness obtained from acquiring one more unit of a product
question
Determinants of Demand
answer
Factors other than price that determine the quantities demanded of a good or service
question
change in taste
answer
If a person does not like an item, demand for that item will go down
question
quantity supplied
answer
the amount of a good that sellers are willing and able to sell
question
Law of Demand
answer
consumers buy more of a good when its price decreases and less when its price increases
question
demand curve
answer
a graph of the relationship between the price of a good and the quantity demanded
question
change in supply
answer
a shift of the supply curve, which changes the quantity supplied at any given price
question
Inelastic
answer
describes demand that is not very sensitive to price changes
question
complement
answer
something that completes or makes up a whole
question
opportunity cost
answer
the most desirable alternative given up as the result of a decision
question
change in quantity supplied
answer
the change in amount offered for sale in response to a change in price
question
medicine
answer
the branch of economics concerned with the application of economic theory to phenomena and problems associated typically with the second and third health market outlined above: physician and institutional service providers.
question
substitute
answer
a good that can be used in place of another good
question
quantity demanded
answer
the amount of a good that buyers are willing and able to purchase
question
change in quantity demanded
answer
movement along the demand curve showing that a different quantity is purchased in response to a change in price
question
income effect
answer
the change in consumption resulting from a change in real income
question
elastic
answer
describes demand that is very sensitive to a change in price
question
cost of production
answer
The total cost of materials, labor, and other inputs required in the manufacture of a product
question
Elasticity
answer
A measure of how much one economic variable responds to changes in another economic variable.
question
Ceteris Paribus
answer
other things being equal
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