3

Question 1

determinants of demand

Answer 1

prices of related goods
consumer tastes
consumer income
number of buyers
consumer expectations

Question 2

participants in the circular flow model are

Answer 2

the government, consumers, businesses, and international partners

Question 3

factor markets are

Answer 3

any place where factors of production eg. (land labor and capital) are bought and sold

Question 4

international particiants participate in the product market by

Answer 4

demanding exports and supplying imports

Question 5

what is market supply

Answer 5

the ability and willingness to sell specific quantities of a good at alternative prices in a goven time period

Question 6

an institution or mechanism the bring buyers and selers into contact

Answer 6

market

Question 7

the ability and willingness to buy/sell specific goods in a given time period

Answer 7

demand/supply

Question 8

a demand schedule is

Answer 8

a table showing the quantities of a good a consumer is willing and able to buy

Question 9

what is demand curve

Answer 9

a curve describing a consumers willingness to buy(not actually buying)

Question 10

change in the number of buyers is a

Answer 10

determinate of market demand

Question 11

what are substitute goods

Answer 11

goods that substitute for eachother example: hot dogs and hamburgers

Question 12

what are complimentary goods

Answer 12

goods consumed in combination with other goods

Question 13

law of supply

Answer 13

the quantity of a good supplied increase as its price increases

Question 14

market supply is a

Answer 14

schedule showing the amounts of a product that producers are able to make forsale

Question 15

the goal of consumers is to maximize

Answer 15

utility