Podcast
Questions and Answers
• – are materials that satisfy human wants and needs.
• – are materials that satisfy human wants and needs.
Consumer Goods
• – are materials and tools used to make consumer goods.
• – are materials and tools used to make consumer goods.
Producer Goods
• – are the machinery used in production of goods.
• – are the machinery used in production of goods.
Capital Goods
• – refers to how many of a certain good or service are available for people to purchase.
• – refers to how many of a certain good or service are available for people to purchase.
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means how many people wish to buy that good or service.
means how many people wish to buy that good or service.
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--“Under conditions of perfect competition, the price at which a given product will be supplied and purchased is the price that will result in the supply and demand being equal.”
--“Under conditions of perfect competition, the price at which a given product will be supplied and purchased is the price that will result in the supply and demand being equal.”
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it refers to the people’s willingness to buy a product or service.
it refers to the people’s willingness to buy a product or service.
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is the plot or graph of the quantity demanded versus the price.
is the plot or graph of the quantity demanded versus the price.
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is the schedule or table listing of the quantity demanded with the corresponding price.
is the schedule or table listing of the quantity demanded with the corresponding price.
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Exists when there is greater change in quantity demanded as a response to a change in price. (tesla, iphone)
Exists when there is greater change in quantity demanded as a response to a change in price. (tesla, iphone)
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Study Notes
Goods and Services
- Consumer goods are materials that satisfy human wants and needs.
- Producer goods are materials and tools used to make consumer goods.
- Capital goods are the machinery used in production of goods.
Supply and Demand
- Supply refers to how many of a certain good or service are available for people to purchase.
- Demand means how many people wish to buy that good or service.
- The law of supply and demand states that the price at which a given product will be supplied and purchased is the price that will result in the supply and demand being equal under conditions of perfect competition.
Demand Curve and Schedule
- The demand curve is the plot or graph of the quantity demanded versus the price.
- The demand schedule is the table listing of the quantity demanded with the corresponding price.
Elasticity of Demand
- Elasticity of demand exists when there is a greater change in quantity demanded as a response to a change in price.
- Examples of elastic goods include luxury goods such as Tesla cars and iPhones.
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Description
Test your knowledge on materials that satisfy human wants and needs in economics. Identify the key components that play a crucial role in the production of goods and services.
