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Demand for a commodity is defined by the quantity a consumer is willing to purchase and can afford, considering the product's price, along with the consumer's ___ and ___. |
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True or False: In economics, the terms desire, wants, and demand are used interchangeably. |
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A desire becomes a want when the individual has the capability and willingness to fulfill it. |
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Fill in the blank: Demand is intrinsically linked to the commodity's price, asserting that the quantity demanded ___ with price fluctuations. |
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Riddle: I can be a mere wish without the means to acquire, but when I turn into a want, I have the ability to inspire. What am I? |
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Demand is articulated in relation to a specific time frame, indicating that demand levels can shift based on the period, even if the price remains constant. |
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True or False: Demand remains static and does not change over different periods. |
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Desire is a simple wish for a commodity without the means to acquire it, while demand is influenced by price and represents the quantity consumers are willing and able to purchase. |
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The individual demand function is expressed as Dx = f(Px, Pr, Y, T, F). What do each of the variables represent? |
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Px represents the price of commodity x, Pr is the price of related goods, Y denotes the income of the consumer, T stands for taste and preference, and F indicates expectations of future price changes. |
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Market demand is influenced by individual demand factors plus additional factors. Name three of these additional factors. |
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The additional factors include the size and composition of the population, seasonal and weather variations, and income distribution. |
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True or False: The demand function illustrates the relationship between price and quantity supplied. |
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False. The demand function illustrates the relationship between quantity demanded and the factors that influence it. |
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Fill in the blank: The quantity demanded (Dx) depends on the price of the commodity (Px), the price of related goods (Pr), consumer income (Y), taste and preference (T), and ___ (F). |
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Riddle: I determine how much of a good people want to buy, influenced by prices and preferences. What am I? |
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Individual demand refers to the quantity of a commodity that a single consumer is willing and able to purchase, while market demand represents the total quantity that all consumers are willing and able to buy at various price levels. |
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If the price of a related good increases, what is the expected effect on the demand for commodity x, assuming they are substitutes? |
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The demand for commodity x is expected to increase because consumers will substitute the more expensive related good with commodity x. |
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The primary determinants of market demand include the price of the commodity itself, the price of related goods, consumer's income, consumer tastes and preferences, and expectations of future price changes. |
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A demand schedule illustrates the relationship between commodity price and ___ at different price levels within a specified time period. |
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True or False: The market demand schedule is the sum of all individual demand schedules at each price level. |
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Fill in the blank: Individual demand schedules show various quantities of a commodity a single consumer is willing to purchase at different prices during a defined ___ period. |
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What happens to the quantity demanded of a commodity when its price decreases? |
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The quantity demanded increases as consumers are willing to purchase more of the commodity at lower prices. |
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I am a table detailing quantities of a commodity demanded at various prices. What am I? |
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When the price of a commodity rises, the market demand generally ___ according to the law of demand. |
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Riddle: I summarize how much of a good all consumers want at various prices, and I can be expressed as Dm = DA + DB + ... What am I? |
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What factors can influence the size and composition of the population affecting market demand? |
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Factors include migration patterns, birth rates, death rates, and demographic changes. |