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5 Cards in this Set
- Front
- Back
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What are the 3 factors that determine the demand for a product? |
The desire, willingness, and ability to purchase a product. |
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What is microeconomics? |
Area of economics that deals with behavior and decision making small units such as individuals and firms |
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What is the purpose of a demand schedule |
Shoes the various quantities demanded of a particular product at prices |
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How is a demand curve similar to demand schedule? |
The demand curve shows the same information as the demand schedule except it is in chart form. |
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What does the Law of Demand state? |
The quantity demanded of a good or service varies inversely in purchasing a product. |
