Economics
Flashcards
Flashcards
Set of flashcards Details
| Flashcards | 103 |
|---|---|
| Language | English |
| Category | General Education |
| Level | Secondary School |
| Created / Updated | 28.08.2015 / 23.11.2016 |
| Weblink |
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It's the change in the amount that consumers will buy because the purchasing power of their income changes.
It's a change in the amount that consumers will buy because they buy substitute goods instead.
An increase or decrease in the amount demanded because of change in price.
It occurs when something prompts consumers to buy different amounts at every price.
Goods that consumers demand more of when their incomes rise.
Goods that consumers demand less of when their incomes rise.
Goods and services that can be used in place of each other.
A measure of how responsive consumers are to price changes.
A demand is elastic if quantity demanded changes significantly as price changes.
Demand is inelastic if quantity demanded changes little as price changes.
Demand is unit elastic when the percentage change in price and quantity demanded are the same.
A company's income from selling it's products.
A method of measuring elasticity by comparing total revenues.
The desire and ability to produce and sell a product.
It states that when prices decrease, quantity supplied decreases, and when prices increase, quantity supplied increases.
It lists how much of a good or service an individual producer is willing and able to offer for sale at each price.
It lists how much of a good or service all producers in a market are willing and able to offer for sale at each price.
It shows the data from a supply schedule in graph form.
It shows the data from a market supply schedule in graph form.
The change in total output brought about by adding more worker.
It's having a worker focus on a particular aspect of product.
They occur when hiring new workers causes marginal product to increase.
They occur when hiring new workers causes marginal product to decrease.
