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Business Exam Revision Flashcards | StudBud

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What is Equilibrium (Economics)?

Define Demand

Business Exam Revision

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Questions 8

Answers

1
Define Demand
How much consumers want a good or service
How much of a good or service there is
A bossy sibling
How much will sell at a particular price
2
What is Equilibrium (Economics)?
Supply and demand are equal
Demand is higher than supply
Mr Muldoon probably hates me right now
Supply is higher than demand
3
On a Supply and Demand graph...
The horizontzl axis is the price level
The verical axis is the quantity
The demand curve determines the price level
The vertical axis is the price level
4
Supply and Demand
The second-best alternative that must be given up when making a decision
consumer preferences determine the production of goods and services.
not being able to have all the goods and services one wants.
at higher prices, buyers will demand less of an economic good.
5
An organization's competitive advantage example:
All of the above
speed of delivery
quality of service offered
quality of products offered
6
Competitive Advantage
The favorable position an organization seeks
Start up cost
Money that comes in your business
An Idea for your business
7
On a supply and demand graph,
price goes on the y axis and quantity goes on the y axis
price goes on the x axis and quantity goes on the x axis
price goes on the x axis and quantity goes on the y axis
price goes on the y axis and quantity goes on the x axis
8
Define Supply
How much of a good or service there is
How a producer thinks about a product that will sell
How much consumers want a good or service
Need, access, and quality of a good