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11 Cards in this Set

  • Front
  • Back
Markets
Will Occur when buyers and sellers come together and agree to an exchange.
Households (Consumers)
Makes Consumer decisions. The goal is to maximize Utility; satisfaction.
Businesses (Firms)
Will transform inputs into output for purpose of sell. The goal is to try and maximize profit
Government (Public Sector)
Provide public goods/services and transfer income between groups. The goal is to maximize social welfare.
Resource Markets
Where factors of production are bought and sold
Product Markets
Output Market. Final Goods and Services are sold.
Demand
What buyers are willing and able to purchase at every price ina given time period. All other things equal.
Demand Curve
A Change in Price leads to a change in Quantity demanded
Law of Demand
There is a negative or inverse relationship between the price of a good and the Quantity demanded of the good. Ceteris Paribus.
Law of Demand Formula(s)
1. Increase in Price= Decrease in Quantity Demanded
2. Decrease in Price= Increase in Quantity Demanded
Chapter 4
Demand & Supply