Ch 3 Flashcards
(6 cards)
1
Q
Markets
A
Institutions that bring buyers and sellers together for voluntary exchange.
2
Q
Demand schedule
A
Table that shows quantities of a good demanded at different prices.
3
Q
Demand curve
A
Graphical representation of demand schedule.
Negative relationship
- P⬆ Q⬇️
- P⬇️ Q⬆️
4
Q
Change in quantity demanded
A
Shift in demand curve
🔼P➡️🔼QD
5
Q
Demand Shifter
A
Variable that can change the quantity of a good demanded
- Consumer preference
- Price of related goods
- Income
- Demographics
- Buyer expectations
6
Q
Demand
A
What buyers are willing and able to sell at various prices
Price determines quantity demanded
