unit2 vocab econ

define demand

• Demand is the quantity of a good or service that consumers are willing and able to buy over a range of possible prices at a given moment

• Demand is the price at which goods are sold in a store.
• Demand is the total amount of goods produced in an economy.
• Demand refers to the supply of goods available in the market.

what is a demand schedule?

• A demand schedule is a graph showing the total revenue of a good over time.
• A demand schedule is a list of all the goods available in a market.
• A demand schedule is a summary of consumer preferences for different brands.
• Listing showing the quantity demanded at all possible prices that might prevail in the market at a given time.

what is an incentive?

• a type of economic theory.

• things that motivate people to behave in a certain manner ex: money subsidies, bonuses.

• Incentives are only applicable in marketing strategies.
• an incentive is a fixed cost associated with production.

what is a demand curve in economics?

• A demand curve shows the total supply of goods in the market.
• A demand curve is a graph of the demand schedule. Always negatively sloped due to the law of demand, the inverse relationship between price and quantity. 

• A demand curve represents the cost of production for goods.
• A demand curve indicates the level of consumer satisfaction at different prices.

what is the law of demand?

• The law of demand states more will be demanded at lower prices & less at high prices; an inverse relationship between price & quantity.

• The law of demand states that higher prices lead to higher quantity demanded.
• The law of demand suggests that quantity demanded remains constant regardless of price changes.
• The law of demand indicates that price and quantity demanded are directly related.

what is a market demand curve?

• A graph of a demand schedule. Always negatively sloped due to law of demand 

• A diagram illustrating the supply chain of a product.
• A table listing the prices of goods without any quantities.
• A chart showing the total revenue of a company over time.

what is marginal utility?

• Marginal utility is the average satisfaction derived from all units of a good.
• Marginal utility is the extra satisfaction gained from consuming an additional unit of a good or service.
• Marginal utility is the cost associated with producing one more unit of a good.
• Marginal utility refers to the total satisfaction from all units consumed.

what is diminishing marginal utility?

• The total satisfaction derived from all units consumed.
• States the added benefit of consuming more of a product or service declines as its consumption increases. 

• The increase in satisfaction from consuming more of a good.
• The fixed level of satisfaction regardless of consumption.

what is supply?

• Supply refers to the demand for a good or service.
• The Combination of quantities than individual would be willing and able to buy over a range of possible prices at a given moment. 

• Supply is the amount of a product that would be produced, grown, or acquired and offered for sale at all possible prices that could prevail in the market 

• Supply is the total number of consumers in the market.

What is the law of supply?

• The law of supply indicates that higher prices result in lower quantities supplied.
• Suppliers will offer more of a product at a higher price and less if a product at a lower price. 

• The law of supply states that lower prices lead to lower quantities supplied.
• The effective utilization of productive resources, like agricultural land, manufacturing capacity, raw materials, labor, etc.