Micro 2.1-Demand Skills Check

Last updated 9 months ago

7 questions

Remember....a buyer/consumer of a good or service is ONLY considered a buyer/consumer if they meet the following 2 conditions:

1. They are willing to buy a G or S.
2. They are able to buy a G or S.

A demand schedule shows...how much of a good or service consumers are _______ and _______  to buy at different prices. (1 word for each blank)

According to the Law of Demand, as price rises, the _ ___ falls. 2 words

A change in demand is a shift of the demand curve.

A shift of the demand curve is NOT the same thing as a movement along the demand curve.

Your Individual Demand Curve is ________________ summed with your friend's Individual Demand Curve to make a market demand curve. (1 word)

Draggable item		Corresponding Item

Draggable item		Corresponding Item
The ______________________________ says that quantity demanded varies inversely with price, other things constant.		Demand
The demand for a(n) ______________________________ increases as money income increases—that is, the demand curve shifts rightward when consumer income increases.		Law of Demand
The demand for a(n) ______________________________ decreases as money income increases.		Buyer Expenditure
______________________________ is price multiplied by the quantity demanded at that price.		Normal Good
A change in price of a good, other things constant, causes a ______________________________ a demand curve for that good.		Inferior Good
______________________________ are your likes and dislikes as a consumer.		Substitutes
Products that can be used in place of each other are called ______________________________.		Tastes & Preferences
______________________________ indicates how much of a product consumers are both willing and able to buy at each price during a given time period, other things constant.		Movement Along

Micro 2.1-Demand Skills Check

Micro 2.1-Demand Skills Check

According to the Law of Demand, as price rises, the _ ___ falls. 2 words

A change in demand is a shift of the demand curve.

A shift of the demand curve is NOT the same thing as a movement along the demand curve.

Your Individual Demand Curve is ________________ summed with your friend's Individual Demand Curve to make a market demand curve. (1 word)

According to the Law of Demand, as price rises, the _ ___ falls. 2 words

A change in demand is a shift of the demand curve.

A shift of the demand curve is NOT the same thing as a movement along the demand curve.

Your Individual Demand Curve is ________________ summed with your friend's Individual Demand Curve to make a market demand curve. (1 word)

Match the definition to the term.

Assume this is the market for tomatoes.

Micro 2.1-Demand Skills Check

Micro 2.1-Demand Skills Check

According to the Law of Demand, as price rises, the ___________ _____________ falls. 2 words

A change in demand is a shift of the demand curve.

A shift of the demand curve is NOT the same thing as a movement along the demand curve.

Your Individual Demand Curve is ________________ summed with your friend's Individual Demand Curve to make a market demand curve. (1 word)

According to the Law of Demand, as price rises, the ___________ _____________ falls. 2 words

A change in demand is a shift of the demand curve.

A shift of the demand curve is NOT the same thing as a movement along the demand curve.

Your Individual Demand Curve is ________________ summed with your friend's Individual Demand Curve to make a market demand curve. (1 word)

Match the definition to the term.

Assume this is the market for tomatoes.

According to the Law of Demand, as price rises, the _ ___ falls. 2 words

According to the Law of Demand, as price rises, the _ ___ falls. 2 words