U1 AOS 2

the point where quantity demanded equals quantity supplied is called

a movement down an existing demand curve is called

This is where consumers purchase expensive g/s as a way of showing their social status

When selecting which g/s to purchase, economists assume that consumers have ordered -

Consumers decide what and how much is produced by casting ‘dollar votes’. This is referred to as consumer

This refers to the moral principles that guide a person’s behaviour

If the market price is set ABOVE the equilibrium price, the market will be in a

This is where a business markets their products under separate and distinct brand names

a movement down an existing supply curve is called

According to the law of demand: if prices fall, quantity demanded will

The 'Triple Bottom Line' refers to

The main aim of a business is to maximise their

Improved climatic conditions will lead to an

This term refers to the efficiency of the business in converting inputs into actual products

These are benefits, rewards or costs that motivates economic agents to behave in a certain way

This law suggests that each additional unit of a g/s that is consumed generates less satisfaction than the previous one

If the market price is set BELOW the equilibrium price, the market will be in a

This is where a company sells its g/s at very low prices in an effort to forcing a competitor to leave the market

This is a legal protection for businesses, that prevents other businesses from copying their intellectual property. 

an increase in disposable income will lead to a

This is a place or situation where buyers and sellers of goods or services come together to exchange a g/s

Butter and margarine are considered by economists to be

tomato sauce to a hot dog is considered a

Consumers motivated by self-interest. Economists say that consumers try to maximise their

This is defined as consumer perceptions about their future income levels or job prospects

According to the law of supply: as prices rise, quantity supplied will

Uber and Airbnb are examples of

Economists assume that consumers have access to perfect