Economics: Demand and Supply

Simplify reality to observe, understand, and make predictions about economic behavior

Analyzing how changes in certain variables impact financial models or economic systems

The effects of changes over time

<p>Anticipating the economic effects of policy alternatives</p> Signup and view all the answers

<p>The flow of money through an economy</p> Signup and view all the answers

<p>Organizing and distributing resources, services, and goods</p> Signup and view all the answers

<p>The higher the price, the higher the quantity supplied</p> Signup and view all the answers

<p>Equilibrium</p> Signup and view all the answers

<p>Equilibrium Price</p> Signup and view all the answers

<p>Equilibrium Quantity</p> Signup and view all the answers

<p>Cost of Production</p> Signup and view all the answers

<p>Number of Buyers</p> Signup and view all the answers

<p>It becomes less elastic</p> Signup and view all the answers

<p>Producers</p> Signup and view all the answers

<p>Right</p> Signup and view all the answers

<p>To understand how people make spending decisions</p> Signup and view all the answers

<p>Through observation and imitation</p> Signup and view all the answers

<p>A small group within a larger cultural group</p> Signup and view all the answers

<p>Market Shortage</p> Signup and view all the answers

<p>Above the equilibrium point</p> Signup and view all the answers

<p>Percentage change in quantity demanded divided by percentage change in price</p> Signup and view all the answers

<p>The ability of goods and services to satisfy consumer wants</p> Signup and view all the answers

<p>A descriptive statement that relates satisfaction or well-being to the consumption of goods and services</p> Signup and view all the answers

<p>The elasticity of one variable with respect to another between two given points</p> Signup and view all the answers

<p>The responsiveness of demand for a commodity</p> Signup and view all the answers

<p>The law of diminishing marginal utility</p> Signup and view all the answers

<p>Price Elasticity of Demand</p> Signup and view all the answers

<p>Market Basket</p> Signup and view all the answers

<p>Marginal Utility</p> Signup and view all the answers

<p>The act of using or drawing benefits from a resource, product, or service to fulfill a need or to attain satisfaction</p> Signup and view all the answers