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Economics-2

QuestionAnswer
Market Demand Curve Shows that the quantities demanded by everyone who is interested in purchasing the product
Individual Demand Curve Graph Showing the quantiy demanded at each and every price that might prevail in the market
Consumer Income The change in a persons wages
Consumer Tastes Whether people want/like a product
Complements Use of one increases the use if the other
Expectations What consumers expect of a product
Number of consumers How many people can afford to buy products
Elastic Demand When a given change in price causes a relatively lower change in price causes a relatively change in quantity demanded
Inelastic Demand A given change in price causes a relatively smaller change in the quantity demanded
Unit Elastic Demand A given charge in price causes a proportiinal change in quantity demanded
Determinants if Demand Elasticity 1. Can purchases be developed 2.Are Adequate 3. Purchase Costliners
Law of Demand The quantity demanded varies inversly with its price
Law of Supply The principle that suppliers will normally offer more for sale at high prices and less at lower prices
Cost of Resources How much it costs to produce
Productivity How much can be made
Technology How easily it can be made
Taxes and Subsidies How much extra the pay for licenses
Expectations What they expect to happen
Number of Sellers How many people can sell a product
Elastic Supply Type of Elasticity where the percentasge charge in the variable causes a less than proportionate change in the dependent variable
Inelastic Type of Elasticity Type of Elasticity where the percentage change in the independent variable(causes a less) that proportionate change in the dependent variable
Unit Elastic Suppy Elasticity where a charge in the independent variaable generatesa a proportional change of the dependent variable
Stage 1 production Increasing marginal returns
Staage 2 Production Diminishing returns
Stage 3 Production Negative marginal returns
Market Supply Curve quantities offered at various prices by firms that take large in a elastic
Determinants of Supply It depends on the nature of its production, if adjustments are longer it is inelastic
Fixed Costs Cost incurred even when tere is little or no activity
Variable Costs Costs That Change when the busines's tae of operation or output changes
E commerce online store
Total Revennue All the revenue that a business receives
MArginal Revenue the extra revenue a business receives from the produciton nd sale of addition to all units of output
Marginal Analysis A type of decision making that compares the extra benefits of an action to the extra costs of taking the action
Created by: Karlastar123
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