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Economics (Demand)
Economics (Demand)
30 terms
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StudBud Administration
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1,101 plays
Economics chap. 4
Flashcards
30 cards
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Practice quiz
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Questions
30
Answers
1
How consumers respond to price changes
Inelasticity of demand
Total revenue of demand
Unity of demand
Elasticity of demand
2
All other things being equal
Vaya con dios
Dos Equis
Carpe diem
Ceteris paribus
3
How much of a good a person will buy at various prices
Pay schedule
Curve schedule
Demand schedule
Income schedule
4
Something one desires but doesn’t need (video games or stylish haircuts)
Want
Demand
Service
Need
5
Characteristics of populations used to identify consumer markets
Computer graphics
Democracy
Demographics
Democrat
6
When a goods price increases people buy less of that good and more of a substitute good
Addition effect
Subtraction effect
Substitution effect
Butterfly effect
7
When a price increase causes real income to decline
Subtitution effect
Net effect
Income effect
Subtractive effect
8
If price goes up 10% then demand goes down 10% they are exactly proportional
Unibomber elasticity
Unicycle elasticity
Unitary elasticity
Universal elasticity
9
Something desirable given up as the result of a decision
outlandish cost
overt cost
opportunity cost
ovation cost
10
Gives an author exclusive rights to publish/sell their creative works
GDP
Public interest
Copyright
Patent
11
Physical objects that someone produces (food, clothing, video games etc.)
Wants
Needs
Goods
Service
12
People will buy more of a good when its price is low and less when its price is high
Law of complementary
Law of supply
Law of elasticity
Law of demand
13
Demand sensitive to a change in price
Schedule demand
Normal demand
Elastic demand
Complementary demand
14
A cost (negative) or benefit (positive) to someone other than the producer of a good or service
Internality
External
Externality
Externaly
15
Demand schedule in a graph
Slide curve
Income curve
Demand curve
Supply curve
16
Two goods bought and used together
Complementary goods
Inferior goods
Normal goods
Substitute goods
17
The desire to own something and the ability to pay for it
Demand
Supply
Demographics
Capital
18
Notion that a societies wealth from businesses should be evenly distributed throughout society
Command economy
Centrally planned economy
Mixed economy
Socialism
19
Shared goods or services we all need
Private goods
Public goods
Opportunity cost
Work ethic
20
If you invent something it gives you 20 years of exclusive rights to produce and sell that item
Patient
Copyright
Invention
Patent
21
Value of all goods and services within a country in one year
Gross capital product
Gross corporate product
Gross regional product
Gross domestic product
22
Demand not sensitive to price changes
Inelastic goods
Inelastic revenue
Inelastic demand
Inelastic supply
23
Allows private ownership of firms but government has some controls
Free market economy
Mixed economy
Socialism
Traditional economy
24
Stuff people demand more of when their income increases
Market good
Inferior good
Normal good
It's all good
25
Goods that are used in place of one another
Demand goods
Substitute goods
Inelastic goods
Complementary goods
26
Stuff people demand less of when their income increases
Common good
Home good
Inferior good
Demand good
27
How much of a good all people will buy at various prices
Market demand schedule
Market stock schedule
Market income schedule
Market cost schedule
28
Literally means "Hands Off" and government should not intervene in the marketplace
Invisible hand
Laissez fair
Factor economy
Laissez faire
29
Government can take your property for public use but must pay you fair market value
Eminent domain
Public interest
Self-interest
Marginal Benefit
30
Prices for
goods/services
are set by forces of
supply/demand
without government intervention
Free market economy
Enterprise system
Mixed economy
Economic market
