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Awareness campaigns
________, advertising, pop star appeal, age, and peers can help affect the consumers preferences.
Factor prices
________ increase → cost of production increases → more expensive to produce goods and services → producers have to cut down on production.
Enterprise management
________- what it takes to run a business properly and manage everyone.
Demand
________ is defined as the amount of goods and services consumers are willing and able to buy in a given period of time at a given price, ceteris paribus.
Relative scarcity
________- relationship between wants and resources.
Equilibrium
________- there point where there is no tendency for the leves of income and output to change /Y= O= E.
sense of security
A market must remain stable, which allows the buyers to develop a(n) ________ in their expenditure and spending.
perfect spot
The ________ for supply and demand- where the demand and supply is equal.
opportunity cost
The ________ is the sacrifice you make when you spend money in one manner but another.
consumer
A(n) ________ can not buy something if the prices fluctuate.
ceteris
Supply of a good refers to the amount of a good a producer is willing and able to sell in a given period of time at a given price, ________ paribus.
Qe
________ or Pe- equilibrium quantity, equilibrium price combine to make market equilibrium.
Leakages
________ and injections- money leaving and entering.
Humans
________ make decisions based on the facts, and that helps them make a reasonable decision.
Supply
________ can easily be plotted on graphs on which one axis has ________ and the other has cost- this is called a(n) ________ curve.
general public
The amount of goods and services that are able to be purchased by the ________.
Capital
________- human capital, people that can do things which makes themselves a wealth.
Circular flow of income
________- the flow of money through an economy.
sector model
Money entering firms from investments is an injection as it is coming back into the original 2 ________.
non price factors
When ________ affect supply, the curve may move right or left depending on the conditions.
Financial sector
________- savings, investments, banks.
Land natural
________- does it require land, natural effects, etc.
Market equilibrium
________ refers to the state of a market that has no tendency to change.
Demand
________- the quantity of a good or service that people are willing and able to purchase for a given price in a given time period.
inflation
2-3% rate normally
spending power of money decreases with inflation, but the costs increase
thats why banks need to use interest rates, employers raises, etc
economics
creates a market to allocates scarce resources
relative scarcity
relationship between wants and resources
__scarcity/relative scarcit__y
there is not enough of what we want, so the price goes up
land / natural
does it require land, natural effects, etc
labour
who is going to work for you and how much is it going to cost
capital
human capital, people that can do things which makes themselves a wealth
enterprise/management
what it takes to run a business properly and manage everyone
demand
the quantity of a good or service that people are willing and able to purchase for a given price in a given time period
law of demand
as the price decreases, the demand usually increases
normal goods
as income rises, the demand for that product or good will also rise
inferior goods
as the demand for the good decreases and the income increases, the substitutes or replacements for that product will become more popular
substitutes
for example, the price of chicken lowers, the demand for beef lowers too
complementary goods
e.g
tastes
the populations preferences may change
circular flow of income
the flow of money through an economy
equilibrium
there point where there is no tendency for the leves of income and output to change / Y = O = E
financial sector
savings, investments, banks
leakages and injections
money leaving and entering
new injections from firms
exports
ceteris paribus
all things remain constant
a complement is a product that must be used at the same time wiht a different goods to satisfy the human want
for example, coffee and sugar, toothpaste and toothbrush
revenue
costs = profit
supply can easily be plotted on graphs on which one axis has supply and the other has cost
this is called a supply curve
demand curve
the demand that was plotted on a graph
equilibrium
income = output = expenditure
Qe or Pe
equilibrium quantity, equilibrium price combine to make market equilibrium
equilibrium refers to a position of balance
it is a position from which there is no inherent tendency to move away from
when equilibrium price =/= market price
disequilibrium
Note 
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