Model of _ is the most important model in economics.
The quantity of a good or service that households want (and have the means) to purchase in a given period of time is called _
The quantity of a good or service that firms want (and have the ability) to sell in a given period of time is called _
The market condition in which the interaction of buyers and sellers finds a particular price and quantity to be traded and from which there is no incentive to move is called_
Demand describes the _ of households and answers the question "How much of a particular good or service to households purchase in a given period of time?".
Price of product, Complementary goods, Substitute goods, Income, Taste/Preferences, and Expectations are all _.
Factors that influence demand
To economists, "All other factors held constant" defines which Latin phrase?
As the price of a good or service increases, the quantity purchased generally_.
When people are more willing to buy substitute products at a lower price than paying for the original product at a higher price, it is referred to as the_.
Two goods for which a decrease in the price of one leads to an increase in the demand for the other (and vice versa) are _ goods.
Two goods for which an increase in the price of one good leads to an increase in the demand for the other are _ goods.
Any good for which demand increases as income increases is a _ good.
Any good for which demand decreases as income increases is a _ good.
A mathematical relationship that predicts the quantity of a good demanded as a function of each of the factors that influence consumer behavior is shown in a _.
Quantity demanded depends upon all other _.
Factors (Income, Complimentary goods, Substitute goods, tates/preferences, price, expectations and purchasing power)
Tastes and preferences are a _ of demand, not the price and input of goods.
Ceteris Paribus (holding all things constant) is an _.
The graphical relationship between the price of a good and the quantity demanded ceteris paribus.
A set of data showing the relationship between price and quantity demanded, ceteris paribus.
A _ is used to determine how price and quantity are set in a market where buyers and sellers are interacting.
In economics, anytime you are drawing a graph, carefully label the _ .
On a graph, all combinations of variables on the x and y axes are _.
We can represent _ _ on a graph with what economics call a demand curve
A demand curve is almost always _ sloping.
As the price of a good or service increases, the quantity purchased generally decreases, defining the ___.
Law of demand
Two reasons behind the Law of Demand are the _ effect and the _ effect.
Income and Substitution
If price changes (increases) you just move _ the demand curve
Once there is a new __ , you have to draw a new demand curve
Changes cause us to have to _ the demand curve
When income increases in a household, they may purchase more of a product if it is a __.