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Microeconomics – Demand ONLY Study Set

question
Microeconomics
answer
the study of the economic behavior and decision making of small units, such as individuals, families, and businesses
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Macroeconomics
answer
the study of the economy as a whole, including topics such as inflation, unemployment, and economic growth
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Demand
answer
the quantity of a good or service that consumers are willing and able to buy
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Demand curve
answer
a graphic representation of a demand schedule
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Law of Demand
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consumers buy more of a good when its price decreases and less when its price increases
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Fads
answer
factor or determinant of demand where something that is very popular for a time
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Consumer tastes
answer
factor or determinant where consumers do not always want the same things some goods and services demand can fluctuate.
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Number of buyers
answer
Determinant or factor where the greater the number of buyers in a market, the larger is the demand for any good.
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Future Price Expectations
answer
Factor or determinant where prices in the future can affect demand for a good or service in the present.
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Substitute Goods and Services
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Factor or determinant where goods or services that may be used in place of another good or service; examples include tap water for bottled water (or vice versa) and movies for concerts (or vice versa).
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Complimentary good
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Factor or determinant where goods that are a completion of one another; ex peanut butter and jelly, hamburgers and charcoal...cell phone accessories
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IRDL
answer
increase right, decrease left - acronym to help move supply and demand curves
1 of 12
question
Microeconomics
answer
the study of the economic behavior and decision making of small units, such as individuals, families, and businesses
question
Macroeconomics
answer
the study of the economy as a whole, including topics such as inflation, unemployment, and economic growth
question
Demand
answer
the quantity of a good or service that consumers are willing and able to buy
question
Demand curve
answer
a graphic representation of a demand schedule
question
Law of Demand
answer
consumers buy more of a good when its price decreases and less when its price increases
question
Fads
answer
factor or determinant of demand where something that is very popular for a time
question
Consumer tastes
answer
factor or determinant where consumers do not always want the same things some goods and services demand can fluctuate.
question
Number of buyers
answer
Determinant or factor where the greater the number of buyers in a market, the larger is the demand for any good.
question
Future Price Expectations
answer
Factor or determinant where prices in the future can affect demand for a good or service in the present.
question
Substitute Goods and Services
answer
Factor or determinant where goods or services that may be used in place of another good or service; examples include tap water for bottled water (or vice versa) and movies for concerts (or vice versa).
question
Complimentary good
answer
Factor or determinant where goods that are a completion of one another; ex peanut butter and jelly, hamburgers and charcoal...cell phone accessories
question
IRDL
answer
increase right, decrease left - acronym to help move supply and demand curves
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