Basic Microeconomics (lesson 3)

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10 Terms

1

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

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2

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

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3

What are the factors of demand?

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4

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

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5

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

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6

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

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7

More people (buyers) more sales.

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8

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

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9

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

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10

What are the factors of supply?

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