ECON 206 Chapter 4 Instructor Video Notes,DEMAND Topic and MONETARY SYSTEM all 76 Questions covered correctly
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Managerial Economics
ECON 206 Chapter 4 Instructor Video Notes,DEMAND Topic and MONETARY SYSTEM all 76 Questions covered correctly
ECON 206 Chapter 4 Instructor Video Notes,DEMAND Topic and MONETARY SYSTEM all 76 Questions covered correctly
ECON 206 Chapter 4 Instructor Video Notes,DEMAND Topic and MONETARY SYSTEM al...
ECON 206 Chapter 4 Instructor Video
Notes with 11 correct answers
ECON 206: Chapter 4 (The Monetary
System) 20 correct answers
ECONOMICS DEMAND-sub topic with 45
correct answers
Chapter 4 Economics-DEMAND topic
with 45 correct answers.
Demand - ANSWER- The desire to have some good or service and the ability to pay for
it
Law of Demand - ANSWER- States that when the price of a good or service goes down
quantity demanded increases and when the prices go up quantity demand falls
Substitutes - ANSWER- Products that can be used in place of other products to satisfy
consumer wants
Elastic - ANSWER- Referring to the situation in which a change in price either up or
down leads to a relatively larger change in the quantity demand or the quantity supplied
Change in Quantity Demanded - ANSWER- A change in the amount of a product that
consumers will buy because of the change in price
Microeconomics - ANSWER- The study of the behavior of individual players such as
individuals families and businesses in an economy
Substitution effect - ANSWER- The pattern of behavior that occurs when consumers
react to a change in price of the product by buying a substitute product that offers a
better relative value
Complements - ANSWER- Products that are used together so the increase or decrease
in demand for one will result in an increase or decrease in demand for the other
Inelastic - ANSWER- A situation in which quantity demanded or quantity supplied
change his little as price changes
Consumer tastes - ANSWER- What a customer likes and buys
, ECON 206 Chapter 4 Instructor Video
Notes with 11 correct answers
ECON 206: Chapter 4 (The Monetary
System) 20 correct answers
ECONOMICS DEMAND-sub topic with 45
correct answers
Demand Schedule - ANSWER- A table that shows how much of a good or service an
individual is willing and able to purchase at each price
Income effect - ANSWER- A change in the amount of a good or service a consumer will
buy because his or her income changes
Marginal utility - ANSWER- The gratification received from the consuming the next unit
of a good
Unit elastic - ANSWER- Relating to the situation in which the percentage change in
price and quantity demanded are the same
Number of consumers - ANSWER- Number of buyers
Market demand curve - ANSWER- A graph that shows data from a market demand
schedule or how much of a good or service all consumers are willing and able to
purchase at each price
Demand curve - ANSWER- A graph that shows the demand schedule or how much of a
good or service an individual is able to purchase at each price
Change in demand - ANSWER- A situation in which a change in the marketplace
prompts consumers to buy different amounts of a good or service at every price
Demand elasticity - ANSWER- It expresses reaction of a change in price on total
revenue
Consumer income - ANSWER- The money that a consumer earns from either work or
investment such as dividends distributed by companies to its shareholders and the gain
realized on the sale of assets such as a house
What are some variables that can cause a change in quantity demanded? - ANSWER-
Income, Tastes and preferences, Price of complements, Price of substitutes, Number of
Buyers, and Expectations
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