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?



What are the two factors that influence demand?



True or False: Needs and wants are considered the same in economics.



What happens to demand if someone has no need or want for a product?



How does ability to pay impact demand?



Who has no effective demand for a car?



What forms the foundation of demand?



How would you define demand in economics?



What determines the quantity demanded of a product?



Which statement is true about demand?




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