Economics 9 Flashcards (Pages 88~94)

Front

The two main factors in microeconomics

Back

Consumers and producers

Front

Determines demand

Back

The capacity and willingness of a consumer in buying a certain product

Front

Refers to the number of goods and services that consumers are willing and able to buy at alternative prices at a given period of time

Back

Demand

Front

Focused on the consumer behavior in the market

Back

The concept of demand

Front

It is a mathematical expression of the relationship of two variables

Back

Demand Function

Front

Is Quantity Demanded (Qd) the independent or dependent variable in Demand Function?

Back

It is the dependent variable in Demand Function

Front

Is Price (P) the independent or dependent variable in Demand Function?

Back

It is the independent variable in Demand Function

Front

It changes as price changes in Demand Function

Back

Quantity Demand (Qd) changes as price changes in Demand Function

Front

A table showing the units of the product, which the consumer is willing and able to buy at alternative prices. It shows the inverse relationship of the two variables

Back

Demand Schedule

Front

Can you complete the demand schedule without a demand function?

Back

No, you cannot