10 Questions
• – are materials that satisfy human wants and needs.
Consumer Goods
• – are materials and tools used to make consumer goods.
Producer 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.
Supply
means how many people wish to buy that good or service.
Demand .
--“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.”
• Law of Supply and Demand
it refers to the people’s willingness to buy a product or service.
• Demand –
is the plot or graph of the quantity demanded versus the price.
o Demand Curve –
is the schedule or table listing of the quantity demanded with the corresponding price.
o Demand Schedule –
Exists when there is greater change in quantity demanded as a response to a change in price. (tesla, iphone)
o Elastic Demand –
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.
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.
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