Economics

Question 1

Quantity Demanded

Answer 1

Change in price will change the quantity demanded

Question 2

Change in Demand

Answer 2

Change in any other factor but price

Question 3

What are Determinants of Demand and give examples

Answer 3

Determinants of demand cause a change in demand and the shift on a demand curve. ex. consumer incomes

Question 4

What are normal goods?

Answer 4

Goods that are positively effected by a shift in income.

Question 5

How does price affect quantity demanded?

Answer 5

Quantity demanded and price are inversely related.

Question 6

What are inferior goods?

Answer 6

As income decreases, quantity demanded increases ex. bus far, potatoes

Question 7

What are related goods?

Answer 7

If a price increase in product A results in a demand increase in product B.

Question 8

What are the five determinants of demand

Answer 8

consumer perference, xxx,xxx,xxx,xx,xx

Question 9

Name some supply determinants

Answer 9

Cost input changes, changes in efficiency, expectation of price change, taxes and subsidies

Question 10

What is the Equilirbrium

Answer 10

It is where the supply and demand curves intersect. All products produced will sell without shortage or overage.