Microeconomics Flashcards
1
Q
Who sets the price for goods and services and why does it change?
A
Consumers; Demand
2
Q
Law of Demand
A
Consumers will buy more of something if it costs less, and less of something if it costs more
3
Q
Demand
A
The desire to own something and have the ability to pay for it
4
Q
What affects the demand for a product?
A
Consumers who are willing and able to buy the product
5
Q
Microeconomics
A
The study of the behavior and decision making of small units, such as individuals, families and businesses
