Microeconomics Flashcards
“wants are unlimited, but the
resources available to satisfy
them are limited”
Scarcity
“the limited nature of
society’s resources”
Scarcity
“a curve displays the different
combinations of goods and services that society can produce in a fully employed economy”
Production possibilities
DISTRIBUTION OF GOODS AND SERVICES
FROM THE PRODUCER DOWN TO THE
CONSUMER
Marketing
THE DELIVERY OF CUSTOMER SATRISFACTION AT A
PROFIT
Marketing
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
Marketing
THE PROCESS OF ACTUAL BUYING
AND SELLING IN THE MARKET PLACE
Trading
GROUP OF BUYERS AND SELLERS.
Market
A PLACE OR LOCATION WHICH MAY BE
LOCAL, NATIONAL OR INTERNATIONAL.
Market
“The quantity demanded of a good falls when the price of the good rises”
Law of Supply
“The quantity supplied of a good rises when the price of the good rises”
Law of Demand
“the claim that the price of any good adjusts to
bring the quantity supplied and the quantity
demanded for that good into balance”
Law of Supply and Demand
“a schedule or a curve that shows the various amounts of a product that consumers are willing and able to purchase
at each of a series of possible prices during a specified period of time”
Demand
“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”
Supply
WHEN BUYERS AND SUPPLIERS REACH AN AGREEMENT
ABOUT THE PRICE.
Market Price
