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