CONCEPTS OF BAS MIC

Question 1

It is the branch of Economics that studies
the behavior of individuals and firms in
making decisions regarding allocation of
scarce resources and the interactions
between individuals and firms.

Answer 1

BASIC MICROECONOMICS

Question 2

FATHER OF MICROECONOMICS

Answer 2

ADAM SMITH

Question 3

is the schedule of the quantities of a goods that
consumers are willing and able to purchase in a given period of time, price, and place.

Answer 3

DEMAND

Question 4

DETERMINANTS OF DEMAND

Answer 4

PRICE
INCOME
TASE & PREFERENCES
POPULATION

Question 5

states that consumers are most
likely to buy goods and
services at lower price, and
buy less goods and services at
higher price, ceteres paribus.

Answer 5

LAW OF DEMAND

Question 6

REMAINS CONSTANT

Answer 6

CETERIS PARIBUS

Question 7

It refers to the quantities of a goods that producers/sellers
are willing to sell or to produce in a given period of time, price, and place.

Answer 7

SUPPLY