Basic Microeconomics (lesson 3)

studied byStudied by 0 people
0.0(0)
Get a hint
Hint

1 / 9

10 Terms

1

Quantities of a particular good or service consumers are willing and able to buy at different possible prices.

New cards
2

Consumers buy more of a good when its price decreases and less when its price increases.

New cards
3

What are the factors of demand?

New cards
4

When incomes goes up, consumers buy more. When income goes down, consumer buy less.

New cards
5

A substitute is a good that can be used in place of another.

New cards
6

Complementary goods are things that are often sold or used together.

New cards
7

More people (buyers) more sales.

New cards
8

The amount of product that is offered for sale at all possible prices in the market.

New cards
9

Tendency of suppliers to offer more of a good at a higher price and less at lower price

New cards
10

What are the factors of supply?

New cards

Explore top notes

note Note
studied byStudied by 10 people
... ago
5.0(1)
note Note
studied byStudied by 9 people
... ago
5.0(1)
note Note
studied byStudied by 20 people
... ago
5.0(1)
note Note
studied byStudied by 7 people
... ago
5.0(1)
note Note
studied byStudied by 59 people
... ago
5.0(2)
note Note
studied byStudied by 6 people
... ago
5.0(1)
note Note
studied byStudied by 2 people
... ago
5.0(1)
note Note
studied byStudied by 3293 people
... ago
4.8(9)

Explore top flashcards

flashcards Flashcard (100)
studied byStudied by 4 people
... ago
5.0(1)
flashcards Flashcard (38)
studied byStudied by 1 person
... ago
5.0(1)
flashcards Flashcard (30)
studied byStudied by 18 people
... ago
5.0(1)
flashcards Flashcard (162)
studied byStudied by 15 people
... ago
5.0(1)
flashcards Flashcard (41)
studied byStudied by 7 people
... ago
5.0(2)
flashcards Flashcard (94)
studied byStudied by 6 people
... ago
4.0(1)
flashcards Flashcard (20)
studied byStudied by 10 people
... ago
5.0(1)
robot