Basic Microeconomics (lesson 3)
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10 Terms
1
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Quantities of a particular good or service consumers are willing and able to buy at different possible prices.
2
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Consumers buy more of a good when its price decreases and less when its price increases.
3
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What are the factors of demand?
4
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When incomes goes up, consumers buy more. When income goes down, consumer buy less.
5
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A substitute is a good that can be used in place of another.
6
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Complementary goods are things that are often sold or used together.
7
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More people (buyers) more sales.
8
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The amount of product that is offered for sale at all possible prices in the market.
9
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Tendency of suppliers to offer more of a good at a higher price and less at lower price
10
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What are the factors of supply?