Term
| Changes in supply and demand |
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Definition
- Single changes
- Complex changes
- Agricultural products
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Term
| Important to know concerning supply and demand |
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Definition
- Equilibrium price and quantity
- Changes in demand
- Changes in quantity demanded
- Changes in supply
- Changes in quantity supplied
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Term
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Definition
- Resource prices
- Technology
- Taxes & Subsidies
- Price of other goods
- Price expectations
- Number of sellers
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Term
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Definition
- As prices rise, quantity supplied rises
- As prices fall, quantity supplied falls
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Term
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Definition
| Always relates to a correlation going up, or rising. |
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Term
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Definition
- Tastes and preferences
- Number of buyers
- Incomes
- Prices of related goods
- Expectations
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Term
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Definition
| Inverse relation between products on price, demand and quantity |
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Term
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Definition
| Lower prices allow you to buy more |
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Term
| Diminishing Marginal Utility (DMU) |
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Definition
| The more you consume of something overtime, the less satisfaction you recieve. |
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Term
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Definition
- As price falls, quantity demand rises
- As price rises, quantity demand falls
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