Supply and Demand

Question 1

Demand

Answer 1

desire ability and willingness to buy a product

Question 2

Demand curve

Answer 2

a graph showing the quantity demand at eeach and every price that might happen in the market

Question 3

Law of demand

Answer 3

the quantity of demand varies inversely with price

Question 4

supply

Answer 4

amount of product offered for sale at all possible prices of a market

Question 5

supply curve

Answer 5

a graph that shows the quantities supplied at each and every possible price in the market

Question 6

substitutes

Answer 6

competing products that can be used in place of one another products related in such way that an increase in the price of a one increases demand for the other

Question 7

quantity supplied

Answer 7

amount offered for sale at a given private point on supply curve

Question 8

law of supply

Answer 8

principle that more will be offered for sale at high prices

Question 9

market

Answer 9

meeting place ofr mechanism allowing buyers and sellers of an econimic product to come toghether ; can be local, regional or global

Question 10

elsaticity

Answer 10

price change only a little quantity demand change

Question 11

inelasticity

Answer 11

pprice change a big quantity demand change

Question 12

Diminishing marginal utility

Answer 12

getting sick of something, having too much and not being satisfied

Question 13

marginal return

Answer 13

what is the return of utilizing one or more resources