Economics Today The Macro View Ch.3 Homework Rated
Economics Today The Macro View Ch.3 Homework rated
Exam (elaborations)
Economics Today The Macro View Ch.3 Homework rated
4 views 0 purchase
Course
Economics Today The Macro View Ch.3 Homework rated
Institution
Economics Today The Macro View Ch.3 Homework Rated
Economics Today The Macro View Ch.3 Homework rated A
Market ️All of the arrangements that individuals have for exchanging with one another. Thus, for
example, we can speak of the labor market, the automobile market, and the credit market.
Demand ️A schedule showing how much of a good or s...
Economics Today The Macro View Ch.3 Homework rated A
Market ✔️All of the arrangements that individuals have for exchanging with one another. Thus, for
example, we can speak of the labor market, the automobile market, and the credit market.
Demand ✔️A schedule showing how much of a good or service people will purchase at any price during
a specified time period, other things being constant.
Law of demand ✔️The observation that there is a negative, or inverse, relationship between the price
of any good or service and the quantity demanded, holding other factors constant.
Relative price ✔️The money price of one commodity divided by the money price of another
commodity; the number of units of one commodity that must be sacrificed to purchase one unit of
another commodity.
Money price ✔️The price expressed in today's dollars; also called the absolute or nominal price.
Demand curve ✔️A graphical representation of the demand schedule. It is negatively sloped line
showing the inverse relationship between the price and quantity demanded (other than being equal).
, Market demand ✔️The demand of all consumers in the marketplace for a particular good or service.
The summation at each price of the quantity demanded by each individual.
Ceteris paribus conditions ✔️Determinants of the relationship between price and quantity that are
unchanged along a curve. Changes in these factors causes the curve to shift.
Normal goods ✔️Goods for which demand rises as income rises. Most goods are normal goods.
Inferior good ✔️Goods for which demand falls as income rises.
Substitutes ✔️Two goods are substitutes when a change in the price of one causes a shift in demand
for the other in same direction as the price change
Complements ✔️Two goods are complements when a change in the price of one causes an opposite
shift in the demand for the other.
Supply ✔️A schedule showing the relationship between price and quantity supplied for a specified
period of time, other things being equal.
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller CertifiedGrades. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $9.99. You're not tied to anything after your purchase.
