Allocation of resources Flashcards
1
Q
What is market?
A
2
Q
What is demand?
A
3
Q
What is the law of demand and what is quantity demanded?
A
4
Q
On a demand curve, which is on the y axis and which is on the x axis?
A
5
Q
What is market demand?
A
6
Q
What is supply?
A
7
Q
What is a supply schedule?
A
8
Q
What is cetris parilous?
A
9
Q
What is the law of supply?
A
10
Q
What is a market system?
A
11
Q
What is equilibrium?
A
12
Q
Describe the non - price determinants of demand.
A
13
Q
Differentiate between movement along the demand curve and shift of demand curve.
A
14
Q
How does price impact supply?
A
15
Q
What are the non-price determinants of supply? What is COP?
A
