Demand and Supply

Question 1

Distribution of goods and services from the producer down to the consumer.

Answer 1

Marketing

Question 2

The delivery of customer satisfaction at a profit.

Answer 2

Marketing

Question 3

The activity, set of institutions, and processes for creating, communicating, delivering, and EXCHANGING offerings that have value for customers, clients, partners, and society at large.

Answer 3

Marketing

Question 4

The process of actual buying and selling in the market place.

Answer 4

Trading

Question 5

Group of Buyers and Sellers.

Answer 5

Market

Question 6

A place or location which may be local, national, or international.

Answer 6

Market

Question 7

Law of Demand

Answer 7

The quantity demanded of a good falls when the price of the good rises.

Question 8

Law of Supply

Answer 8

The quantity supplied of a good rises when the price of the good rises.

Question 9

A schedule or a curve showing the various amounts of a product CONSUMERS are willing and able to buy at each of a series of possible prices during a specified period of time.

Answer 9

Demand

Question 10

Non-Price Determinants of Demand

Answer 10

Number of buyers, Tastes/preference, Income, Prices of related goods, Expectations

Question 11

A schedule or curve showing the various amounts of a product that PRODUCERS are willing and able to make available for sale at each of a series of possible prices during a specific period.

Answer 11

Supply

Question 12

Non-Price Determinants of Supply

Answer 12

Number of sellers, Resource prices, Technology, Taxes and subsidies, Prices of related goods, Expectations

Question 13

When buyers and suppliers reach an agreement about the price.

Answer 13

Equilibrium (Market Price)

Question 14

Demand and Supply meet in the market place.

Answer 14

Equilibrium (Market Price)

Question 15

SIRA (Market Mechanism)

Answer 15

Signal, Incentives, Rationing, Allocate

Question 16

Indicates that a lower price increases the purchasing power of a buyer’s money income, enabling the buyer to purchase more of the product than before.

Answer 16

Income Effect

Question 17

Indicates that at a lower price buyers have the incentive to substitute what is now a less expensive product for similar products that are now relatively more expensive.

Answer 17

Substitution Effect

Question 18

Products that can be used in place of another.

Answer 18

Substitute Goods

Question 19

Products that is used together with another good.

Answer 19

Complementary Goods

Question 20

Is a shift of the demand curve to the right (increase in demand) or to the left (a decrease in demand).

Answer 20

Change in Demand

Question 21

Is the movement from one point to another on a fixed demand curve.

Answer 21

Change in Quantity Demanded

Question 22

A shift in the supply curve.
(increase shifts to right and decrease to left).

Answer 22

Change in Supply

Question 23

Is the movement from one point to another on a fixed supply curve.

Answer 23

Change in Quantity Supplied