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Economists use the term demand to refer to a schedule of various combinations of market prices and amounts demanded.
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∙ 15y ago
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When economist refer to a products usefulness they use the term?
Utility
Why do economist use percentage change to calculate elasticity of demand?
They use percentage change because of the nature of the unit being described. The elasticity of demand specifies how much percentage demanded changes in response to a 1% increase in price.
What is word for the result of having too little of a product to meet the demand for it?
Scarcity is the result of having too little of a product to meet the demand for it.
Which would you use to estimate the demand for a product at various prices?
You could use a demand chart to estimate this.
How will consumers react to the incentive of a higher price of good or service?
The negative incentive will cause consumers to purchase less of a good or service if it is of lower quality
When economist refer to a products usefulness they use the term?
Utility
Who was the economist was the main promoted the use of demand management techniques to control the economy?
Adam Smith
Why do economist use percentage change to calculate elasticity of demand?
They use percentage change because of the nature of the unit being described. The elasticity of demand specifies how much percentage demanded changes in response to a 1% increase in price.
How do economist use the term guns or butter'?
Practical limits on spending. You have enough money to buy one or the other, but not both.
What is the term geographers use to refer of the half of the earth?
Geographers use the term hemisphere to refer to half of the earth. Examples of this would be the Northern and Southern Hemisphere.
What term do scholars use to refer to biological differences between man and woman?
Scholars use the term sex to refer to biological differences between men and women.
What term does one use to refer to a dead US president?
I can not think of any special term . Sometimes the term "dead presidents' is used to refer to money.
What is the term you use refer to the lines of longitude?
Those are 'meridians'.
What term do you use to refer to wireless internet?
wi-fi
How do economist use math?
Economists use math to calculate statistics in sales and business profits. Economists also use math to predict trends in supply and demand.
What term do geographers ues when they refer to the landmasses of Europe and Asia as one?
They use the term Eurasia.
What term do archaeologists use to refer to the society centered at Shiloh?
Archaeologists refer to the society centered at Shiloh as the Israelite society.
