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Flashcards on Demand for Goods and Services
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What does the term 'demand' refer to in economics?
The amount of some good or service consumers are willing and able to purchase at each price.
What is demand based on?
Needs, wants, and the ability to pay.
How do economists view needs and wants?
They consider both needs and wants as the same thing.
What happens to demand if a consumer has no need or want for something?
They won't buy it.
What is the relationship between demand and ability to pay?
If you cannot pay for it, you have no effective demand.
Give an example of someone who has no effective demand for a car.
A person who does not have a driver's license.
What is the basis for demand?
Needs, wants, and the ability to pay.
What is the role of needs and wants in demand?
They form the foundation of demand.
How does one's ability to pay affect demand?
Without the ability to pay, there is no effective demand.
Define demand in economics.
The amount of goods or services consumers are willing and able to purchase at each price.
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Test Your Knowledge
What does demand refer to in economics?
The supply of goods and services
The amount of goods or services consumers are willing and able to purchase at each price
The production of goods and services
The cost of goods and services
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What are the two factors that influence demand?
Needs and wants
Supply and demand
Needs/wants and the ability to pay
Price and quantity
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True or False: Needs and wants are considered the same in economics.
True
False
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What happens to demand if someone has no need or want for a product?
Demand increases
Demand decreases
Demand remains low
Demand becomes non-existent
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How does ability to pay impact demand?
It has no effect on demand
It increases demand
It decreases demand
Without the ability to pay, there is no effective demand
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Who has no effective demand for a car?
Someone who doesn't like cars
Someone who doesn't need a car
Someone who doesn't have a driver's license
Someone who can't afford a car
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What forms the foundation of demand?
Supply and demand
Needs and wants
Price and quantity
Income and expenses
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How would you define demand in economics?
The amount of goods and services a person wants
The amount of goods or services consumers are willing and able to purchase at each price
The cost of goods and services
The supply of goods and services in the market
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What determines the quantity demanded of a product?
The production cost of the product
The price of the product
The quality of the product
The needs, wants, and ability to pay of the consumers
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Which statement is true about demand?
Demand is static and does not change
Demand can vary depending on factors such as price and consumer preferences
Demand is always higher than supply
Demand is solely determined by the producer
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