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CCHS Chapter 4 Test

Demand!

QuestionAnswer
What do consumers need in order to have 'demand' for a good or service? Willingness, Ability and Desire
What is the chart used to show demand? a demand schedule
What does the Law of Demand state? As prices increase, quantity demanded decreases As prices decrease, quantity demanded increases
What is the graph that is used to illustrate demand? A demand curve
What happens to the quantity demanded when prices increase? How does that look on the graph? Quantity demanded decreases. It is a movement downward along the curve from one value to another.
If the price of a product changes and there is an equal change in demand because of the price change, what type of elasticity does this product have? Unit elasticity
When there's a shift on or along the demand curve this is know as a change in... Quantity demanded
If the price of a product changes and there is a large or significant change in demand due to this price change, this product is known as having what type of elasticity? Elastic demand
What is called when demand increases or decreases even if there was no change in price Change in Demand
What does a change in demand look like on a graph? if there is an increase in demand the demand curve shifts right. if there is a decrease in demand the demand curve shifts left.
What are the factors that will increase or decreases demand? (shift the demand curve right or left) Income, number of consumers, substitutes, expectations, complements, tastes (I.N.S.E.C.T.)
What happens to quantity demanded when prices decrease? Quantity demanded increases
What type of elasticity is a product if there is a price change and there is little to no change in demand after the price change was made? The product is inelastic.
Created by: khanchett
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