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Economics-2
| Question | Answer |
|---|---|
| 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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