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Supply and Demand Factors Flashcards | StudBud
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Supply and Demand Factors
Supply and Demand Factors
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StudBud Administration
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Demand and supply factors
Flashcards
13 cards
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Questions
13
Answers
1
Factor of Supply or Demand: income
demand
supply
2
Factor of Supply or Demand: consumer tastes
demand
supply
3
Factor of Supply or Demand: market size
supply
demand
4
Factor of Supply or Demand: complements
supply
demand
5
Factor of Supply or Demand: production costs
supply
demand
6
What is the value of something that is given up to get something else that is wanted?
opportunity cost
economics
incentives
utility
7
Who affects supply?
producers
consumers
8
Factor of Supply or Demand: technology
demand
supply
9
Factor of Supply or Demand: substitutes
supply
demand
10
What is the rule of supply?
As prices rise, demand rises
As prices fall, producers go out of business
As prices fall, the quantity supplied doesn't change
As prices rise, the quantity supplied rises
11
Who affects demand?
consumers
producers
12
Factor of Supply or Demand: labour productivity
supply
demand
13
What is the rule of demand?
As prices fall, quantity demanded remains the same
As prices rise, quantity demanded rises
As prices fall, quantity demanded goes up
As prices fall, quantity demanded goes down
