Macroeconomics key terms Study guides, Class notes & Summaries

Macroeconomics Key Terms Exam

Macroeconomics Key Terms

Chapter 4—Price: The Role of Demand and Supply MULTIPLE CHOICE 1. 2. 3. 4. 5. 6. For demand to exist, there must be a. a desire and an ability to buy. b. a supply of the product in the market. c. a price that is low enough to permit all consumers to afford the product. d. All of these. ANS: A PTS: 1 DIF: Easy NAT: TOP: B-Head: Law of Demand KEY: Bloom's: Knowledge The demand for a product at a given time is defined as the a. desire for it. b. sum spent on it. c. measure of to...

Chapter 4—Price: The Role of Demand and Supply MULTIPLE CHOICE 1. 2. 3. 4. 5. 6. For demand to exist, there must be a. a desire and an ability to buy. b. a supply of the product in the market. c. a price that is low enough to permit all consumers to afford the product. d. All of these. ANS: A PTS: 1 DIF: Easy NAT: TOP: B-Head: Law of Demand KEY: Bloom's: Knowledge The demand for a product at a given time is defined as the a. desire for it. b. sum spent on it. c. measure of to...

Factors Influencing Demand (Ans- Demand is driven by price, consumer preferences, the economy, the number of buyers in a market, customer incomes, price of substitutes and complimentary items. Factors of Production (Ans- Natural resources, capital, human resources and entrepreneurship. What is the key factor influencing demand? (Ans- Price Demand Curve (Ans- A graph of the amount of a product buyers will purchase at different prices. Supply Curve (Ans- Shows the relationship between ...

WGU C201 Business Acumen Chapters 3 & 7: Economics and Organizational Structure. Exam Review. Graded A+ Factors Influencing Demand - -Demand is driven by price, consumer preferences, the economy, the number of buyers in a market, customer incomes, price of substitutes and complimentary items. Factors of Production - -Natural resources, capital, human resources and entrepreneurship. What is the key factor influencing demand? - -Price Demand Curve - -A graph of the amount of a product bu...

Part One What Is Economics? This opening Part of the book provides an introduction to economics. The central themes of Chapter 1 are scarcity, choice, opportunity cost, and the self-organizing role of markets. The chapter also examines the gains from specialization and trade, the role of money, the effects of globalization, and ends with a discussion of the various types of economic systems. Chapter 2 examines how economists build their models and test their theories. It also addresses ce...

WGU D089: Module 1 Questions and Answers Graded A What are the three fundamental questions every economy must answer? Give an example of a "What" question. What to produce, how it will be produced, and from whom the goods or services are produced. What to produce (Oil vs. Cattle), How to (Current vs. New technology), From who to produce What do economists mean when they say that people "think at the margin"? Thinking about the next step or an additional action means for a person. Accordin...

Factors Influencing Demand Correct Answer Demand is driven by price, consumer preferences, the economy, the number of buyers in a market, customer incomes, price of substitutes and complimentary items. Factors of Production Correct Answer Natural resources, capital, human resources and entrepreneurship. What is the key factor influencing demand? Correct Answer Price Demand Curve Correct Answer A graph of the amount of a product buyers will purchase at different prices. Supply Curve C...

Economics Today The Micro View Chapter 1 Terms Already Verified A+ Key Economics Concepts and Definitions 1. Economics ️: The study of how people allocate their limited resources in an attempt to satisfy their unlimited wants. It explores how individuals make choices. 2. Resources ️: Things that have value and are used to produce goods and services that satisfy people's wants. 3. Wants ️: All the items that people would purchase if they had unlimited income. 4. Microeconom...