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Economics

What is the amount of a good or service that a consumer is willing and able to buy at possible prices during a given time.
Demand
Supply
Law of Demand
Demand Curve
Supply Is the quantity of a good or service that producers are willing to offer at various prices in a given time.
True
False
I have no clue
Profit is the amount of money that remains after producers have paid off all of their costs.
True
False
Market Size is If a competitor is putting out a similar good at a low price often this forces like companies to do the same.
True
False
If a competitor is putting out a similar good at a low price often this forces like companies to do the same.
Market Size
Price of Related Goods
Income
Consumer Expectations
Elastic Demand- This occurs when a small change in the price of a good causes a major change in the quantity demanded.
True
False
Is the change in output generated by adding one more unit of input.
Marginal Product
Total Product
Productivity
Competition
Shows the relationship between price and quantity demanded.
Demand Curve
Demand Schedule
Supply
Competition
Meaning that people may buy something assuming that will be able to afford it in the future and vice versa.
Income
Consumer Expectations
Market Size
Supply
Law of Diminishing Returns- The goal for a company is to find the correct amount of workers/machinery that makes their company the most productive.
True
False
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