demand

Question 1

ability and willingness of consumers to buy things

Answer 1

demand

Question 2

states that if the price of an item is high, the demand will be low
correlation between price and demand

Answer 2

law of demand

Question 3

high demand&raquo_space;>

Answer 3

high prices

Question 4

low demand&raquo_space;»

Answer 4

low prices

Question 5

when consumers substitute one product for another

Answer 5

substitution effect

Question 6

when you make a purchase, if you feel like you have more money, you buy differently

Answer 6

income effect

Question 7

the more you purchase, the less satisfaction you get

Answer 7

diminishing marginal utility

Question 8

a listing/ table that tells you how much you have purchased at each individual price

Answer 8

demand schedule

Question 9

graphical representation of a demand schedule

Answer 9

demand curve

Question 10

refers to 1 place on the graph

Answer 10

quantity demand

Question 11

curve shifts to the right

Answer 11

increase in demand

Question 12

demand curve shifts to the left

Answer 12

decrease in demand

Question 13

6 causes of a shift in demand

Answer 13

income
normal/ inferior goods
consumer expectations 
population 
consumer taste
advertising

Question 14

things purchased together

Answer 14

compliments

Question 15

change of item

Answer 15

substitutes

Question 16

describes demand that is very sensitive to a change in price

Answer 16

elasticity

Question 17

needs

Answer 17

inelastic

Question 18

wants

Answer 18

elastic

Question 19

total amount of money a business brings in by selling something

Answer 19

total revenue

Question 20

the ability and willingness of producers to make things available for sale

Answer 20

supply

Question 21

price is high»> supply is high
low prices»» low supply
high supply»> low prices
low supply»» high prices

Answer 21

law of supply

Question 22

table listing prices and how much is sold of each individual price

Answer 22

supply schedule

Question 23

anything that causes a change

Answer 23

variable

Question 24

items that cause a shift in supply

Answer 24

FOP

Question 25

3 things gov does to be involved in supply

Answer 25

excise taxes
regulations
subsides

Question 26

1 more or one less

sale price of a product you sell

Answer 26

marginal revenue

Question 27

measure of how consumers react to a change in price

Answer 27

elastic demand

Question 28

describes demand that is not very sensitive to a change in price

Answer 28

inelastic demand

Question 29

describes demand whose elasticity is exactly equal to 1

Answer 29

unitary elastic demand