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6 Cards in this Set
- Front
- Back
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What determines demand?
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Needs, Wants, Incomes.
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What is a market economy?
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In market economies, supply and demand determine the prices and the quantaties of the goods and services provided.
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What is the law of demand?
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The law of Demand~ As the price of a good or service increases, the quantity of the good or service demands fall.
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What is the law of supply?
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The law of Supply~ As the price of a good or service rises, Producers are willing to supply more of the good.
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What is the law of supply AND demand?
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The law of Supply AND Demand~ The price of a good or service adjusts until the amount of producers are willing to produce, equals the amount consumers are willing to consume.
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What are the business cycle phases?
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Expansionary and Contractionary.
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