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MICROECONOMICS > M3 > Flashcards

M3 Flashcards

1
Q

desire, ability, and willingness to buy.

A

Demand

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2
Q

NON-PRICE DETERMINANTS OF DEMAND:

A
  1. Buyer’s Income
  2. Price of Substitutes
  3. Market Size
  4. Consumers Tastes
  5. Consumer Expectations
  6. Complement Goods
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3
Q

Ex. Minimum Wage Increases
Economic Recession
The Great Depression

A

Buyer’s Income

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4
Q

Goods and services can be used instead of other goods and services.

A

Price of Substitute Goods

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5
Q

Ex. Immigration
Detroit after collapse of auto industry

A

Market Size

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6
Q

Has strong effect on the demand.

A

Consumer Tastes

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7
Q

Expect prices to do in the future.

A

Consumer Expectations

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8
Q

Use of one product increases

A

Complement Goods

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9
Q

desire, ability, and willingness to offer products for sale.

A

Supply

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10
Q

NON-PRICE DETERMINANTS OF SUPPLY

A
  1. Number of Products
  2. Input Costs
  3. Labor Productivity
  4. Technology
  5. Government Action
  6. # of Sellers
  7. Producer Expectation
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11
Q

successful new products or service always brings out competitors.

A

Number of Products

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12
Q

collective price of resources that go into producing a good or services.

A

Input Costs

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13
Q

better trained or more skilled workers

A

Labor Productivity

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14
Q

scientific advances to the production process

A

Technology

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15
Q

such as taxes or subsidies

A

Government Action

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16
Q

amount of a product that producers are willing and able to supply.

A

Producer Expectation

17
Q

price that “clears the market”.

A

Equilibrium Price

18
Q

prices are relatively stable and the quantity of goods or services is equal.

A

Market Equilibrium

19
Q

quantity supplied is greater than the quantity demanded.

A

Surplus

20
Q

quantity demanded is greater than the quantity supplied.

A

Shortage

21
Q

price cause changes in quantity demanded.

A

Demand Elasticity

22
Q

large change in the quantity demanded.

A

Elastic Demand

23
Q

smaller change in the quantity demanded.

A

Inelastic Demand

24
Q

FACTORS THAT DETERMINE ELASTICITY OF DEMAND

A
  1. Substitutes
  2. Percentage of Income
  3. Necessity
  4. Duration
  5. Breadth of Definition
25
Q

Minor price change is made.

A

Substitutes

26
Q

Higher the percentage that the products price.

A

Percentage of Income

27
Q

People will attempt to buy it no matter the price.

A

Necessity

28
Q

Price change holds, the higher the elasticity.

A

Duration

29
Q

The lower the elasticity.

A

Breadth of Definition

MICROECONOMICS (7 decks)

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