Econ

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What are some demand Factors?

# of buyers, Income Prices of other products consumer preferences consumer expectations

The problem with Scarcity

Exists because human wants cannot be satisfied with the limited time, money, and energy.

Price related products: when a price for a product similar to your goes up or down? this product is called a? BMW - Honda

Substitute

Which of the following is one of the three steps to smart choices: The choice is smart when measurable benefits are greater than measurable cost Be sure to count all benefits and costs, excluding implicit cost or externalities The choice is smart when benefits are greater than additional opportunity cost The choice is smart when total benefits are greater than total cost

The choice is smart when total benefits are greater then total cost

Microeconomics

analyzes the choices of individual economic units; macroeconomics analyzes the preformance of the overall economy

If two goods, X and Y, have a negative cross-elasticity of demand, then we know that they

are compliments

Positive statements

are falsifiable in principle by appeal to factual evidence

Price of related product: When the price of a product that can be used with your product goes up or down. this is a? ex. A kindle and Ebooks

compliment

. A leftward shift in the supply curve indicates

decrease in the quantity supplied at each price

In Law of demand when the price goes up the quantity demand goes?

down

When the percentage change in quantity demanded is less than the percentage change in price that brought it about, demand is said to be

inelastic

The circular flow diagram of economic life shows?

input markets in which house holds are sellers and businesses are buyers

The main implication of scarcity in economics is that people must

make choices

Price of related products: when related prices go up the curve shifts to the?

right

At any disequilibrium price, whether controlled or not, the quantity actually exchanged is determined by

the lesser of quantity demanded and quantity supplied


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