Flashcards
Microeconomics
Flashcards do conjunto (7)
- 1PED Price Elasticity of DemandIs a measure of how much the quantity demanded of a product changes when there is a change in the price of the product.
- 2ad valorem taxesAn indirect tax where a given percentage is added to the price of a good or service.
- 3DemandThe willingness and ability for a consumer to purchase a quantity of a good/service at a certain price
- 4SupplyThe willingness and ability of a producers to produce a quantity of a good / service at a certain price.
- 5Law of DemandAs the price of a product falls, the quantity demanded for that good will normally increase.
- 6Law of SupplyAs the price of a good rise, the quantity supplied will normally rise. (The supply curve usually slopes upwards, ceteris paribus.)
- 7ElasticityA measure of the responsiveness of how much something changes when there is a change in one of the factors that determines it.
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- All the words to memorise of the exam.
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- lilaalex
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