definitions

Question 1

Economics

Answer 1

a social science concerned with the production, distribution and consumption of goods and services.

Question 2

Demand

Answer 2

Demand is the willingness and ability of consumers to buy a product at a given price level.

Question 3

The law of demand

Answer 3

as the price of a product falls, the quantity demanded will increase ceteris paribus”

Question 4

Supply

Answer 4

is the total amount of a good or service the is available to consumers. the amount of products producers are willing and/or capable of supplying to their customers.

Question 5

Law of supply

Answer 5

as the price of a product increase, the quantity supplied of that product will increase, ceteris paribus.

Question 6

Cetris Parabus

Answer 6

All else remaining unchanged, all other things unchanged.

Question 7

Factors of production, define and list.

Answer 7

resources that are the building blocks of the economy; they are what people use to produce goods and services. Land, labour, capital, entrepreneurship.