Microeconomics Test Review Pt.2

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6 Terms

1
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What are the factors that determine elasticity for demand?

Availability of Substitute Good or Services, Portion of Income, Time, and Necessities Vs. Luxuries.

2
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What are the factors that determine elasticity of supply?

Time and Flexibility

3
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What are the factors of production?

Land, Labor, Capital, and Entrepreneurship

4
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What factors determine a change in demand?

Change in Income, Change in Market size, Change in Consumers Tastes, Change in Consumers Expectations, Availability in Substitutes, Availability in Complementary Goods, and Change in Weather or Season

5
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What factors determine a change in supply?

Labor Productivity, Change in Expectation, Excise Tax, Subsidy, and Regulation

6
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What are the 3 fundamental questions?

What to produce, how to produce, and for whom to produce