Microeconomics

Descripción

All the words to memorise of the exam.
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Pregunta Respuesta
PED Price Elasticity of Demand Is a measure of how much the quantity demanded of a product changes when there is a change in the price of the product.
ad valorem taxes An indirect tax where a given percentage is added to the price of a good or service.
Demand The willingness and ability for a consumer to purchase a quantity of a good/service at a certain price
Supply The willingness and ability of a producers to produce a quantity of a good / service at a certain price.
Law of Demand As the price of a product falls, the quantity demanded for that good will normally increase.
Law of Supply As the price of a good rise, the quantity supplied will normally rise. (The supply curve usually slopes upwards, ceteris paribus.)
Elasticity A 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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