
ECONOMICS CHAPTER 4 LESSON 1
Flashcard
•
Business
•
9th Grade
•
Hard
Valerie Tomich
FREE Resource
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9 questions
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1.
FLASHCARD QUESTION
Front
demand
Back
combination of desire, ability, and willingness to buy a product
2.
FLASHCARD QUESTION
Front
microeconomics
Back
branch of economic theory that deals with behavior and decision making by small units such as individuals and firms
3.
FLASHCARD QUESTION
Front
demand schedule
Back
listing showing the quantity demanded at all possible prices that might prevail in the market at a given time
4.
FLASHCARD QUESTION
Front
incentive
Back
something that motivates
5.
FLASHCARD QUESTION
Front
demand curve
Back
graph showing the quantity demanded at every possible price that might prevail in the market at a given time
6.
FLASHCARD QUESTION
Front
Law of Demand
Back
rule stating that more will be demanded at lower prices and less at higher prices; inverse relationship between price and quantity demanded
7.
FLASHCARD QUESTION
Front
market demand curve
Back
demand curve that shows the quantities demanded by everyone who is interested in purchasing a product at all possible prices
8.
FLASHCARD QUESTION
Front
marginal utility
Back
satisfaction or usefulness obtained from acquiring one more unit of a product
9.
FLASHCARD QUESTION
Front
diminishing marginal utility
Back
decrease in satisfaction or usefulness as additional units of a product are acquired
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