Economics Chapter 4 Quizarama

The amount of money a person makes will affect the demand for a product

What a particular good is worth in exchange for some other good

As the number of buyers increases sales will increase

The effect on consumers by what they think will happen in the future.

The amount of satisfaction a consumer gets from obtaining a one unit increase of a product

The demand curve will always slope _________ and to the ______________

The supply curve will always slope _________ and to the ______________

The amount of money or goods that a good will command in a market

The number one influence on the amount of goods produced that are able to be supplied

The amount of money someone is willing to pay for a particular item

If the quantity of goods demanded is more than the quantity of goods produced you have a

If the quantity of goods produced is more than the quantity of goods demanded you have a

People tend to substitue less expensive goods for goods whose prices have risen

As the price of a good increases, the quantity demanded decreases in a free market.

A product's demand changes as other products which are associated with it changes

The relationship between a good's price and the quantity that people are willing to buy

Consumer's favorable or unfavorable attitude toward a product will affect it's demand

As the price of good falls consumers tend to buy more of that good or of other items

Value that is directly related to the benefits their owners receive through their use

The point at which quantity demanded meets quantity supplied is called