ECON2105 Chap. 2
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Last updated 11:10 PM on 1/28/23
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11 Terms
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Congestion
Ie: social media ________ effect: If more people buy a product, your demand for it decreases.
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Network effect
________: If more people buy a product, your demand for it increases.
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Individual Demand
________: Law of Demand: When the price rises, Qd decreases.
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Market Demand
Aggregating all of the demand (for a single market)
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Individual Demand Curve
Graph plotting the quantity of an item someone is willing to buy at each price
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Estimating Market Demand
Survey a small part of your customers Add up the total quantity Apply that to the population Plot it
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Network effect
If more people buy a product, your demand for it increases
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Law of supply
the higher the price, the higher the quantity supplied
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benefit
how much pleasure you gain from something
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price
Benefit is very similar but NOT the same as ________.
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opportunity cost
The highest valued alternative that must be given up to get something.
