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5 Cards in this Set
- Front
- Back
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Economics is best defined as the discipline of knowledge that analyzes:
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How people make choices to cope with scarcity and
How people allocate limited resources to satisfy unlimited wants |
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The opportunity cost of a choice you make is the
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The value of the highest valued alternative given up as a consequence of your choice
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Quantity demanded is:
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The quantity that consumers plan to purchase at a particular price
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According to the law of the demand, other things remaining the same
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The lower the price of the good, the higher the quantity demanded
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A market has reached an equilibrium when:
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At a given price, quantity demanded and quantity supplied are the same and
The price that prevails in the market is the one given by the point at which supply and demand intersect with each other |
