Identifying ideas
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| show | the amount of a good or service that consumers are willing and abled to buy at various prices during a given period
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| Law of demand | show 🗑
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| purchasing power | show 🗑
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| show | the effect that a change in an items price has on consumers ability to purchase goods
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| substitution effect | show 🗑
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| show | natural decreases in the utility of a good or service as more units of it are consumed
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| show | a table that shows the level of demand for a paricular item at various prices
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| show | a way to show the relationship between the price of a product and the quantity of demand
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| determinants of demand | show 🗑
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| show | product that purchasers are in place of another product, particularly if the price of the other product rises
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| complementary goods | show 🗑
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| show | the degree to which changes in the price of a good or service effect quality of demand
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| show | producers supply more good and services when they can sell them at higher prices and fewer goods and services when they must sell them at lower prices
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| profit motive | show 🗑
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| show | total costs of materials labor and other imputs required in the manufactur of a product
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| supply curve | show 🗑
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| show | non price factor that influences the available supply of a good or service
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| show | a required payment to a local, state, national government, usually made on some regular basis
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| law of diminishing returns | show 🗑
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| show | the sum of a businesses fixed cost except for wages and the material cost
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| show | cost of doing business that changes directly with a change in the level of output, tipically riseing and dropping as production increases and decreases
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| show | the cost of producing one additional unti of output
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| show | a flaw in a price system that occurs when soome cost have not been accounted for and therefore are not properly distributed
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| show | production of goods resulting for people not directly connected with the production or consumptionof the goods
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| public goods | show 🗑
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| show | point at which the quantity supplied and quantity demanded for a product are equal at the same price
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| surplus | show 🗑
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| show | situation in which the quantity demamnded of a good or resource exceeds the quantity supplied
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| price ceiling | show 🗑
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| show | government regulation that sets min price for particular good
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| minimum wage | show 🗑
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| show | system by which a government or other institution decides how to distribute a good or service
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Created by:
bigg daddy
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