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10 Cards in this Set
- Front
- Back
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Market
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Exchanges between buyers and sellers of goods and services
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Supply
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How Much To Sell, And at what price
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Demand
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The Amount of Goods/services consumbers are willing to buy.
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Law of Demand
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If all other things are equal, The higher the price of a product, the less of it people are willing to buy.
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Why Does Demand rise and Fall?
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The Real Income effect: What people can really buy with their money
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On a graph, The line formed by connecting the points is called a....
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Demand curve
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Second reason why demand falls when prices rise....
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The Substitution effect.
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Market Demand
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Total of all the individual demands within a market.
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Complements
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Products or services that are used together.
EX: Computers and Software, Pencils and paper. |
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When Something is elastic....
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Change in price causes a large change in the quantity demanded.
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