0
Want this question answered?
Be notified when an answer is posted
Add your answer:
Earn +20 pts
How can consumers influence or affect the price of goods or services?
supply and demand. If more people want it, it is in greater demand thus the price is more; if less people want it, the opposite is true.
What is the total goods and services in the economy available at all possible price levels?
Consumer Price Indexes is monthly data on changes in the prices paid by consumers for a goods and services.
Factors that influence consumer demand for goods and services?
1.price of good and services 2.price of goodsand services in relation to other goods and services 3.taste and refrences 4.income
What does the term Consumer Price Index mean?
The goods consumers can buy an it helps to analyzed
What are the four economic questions?
-What should the economy produce? Market economies use price to answer this question. For example, Product X at a very high price may not sell, thus producers may stop making the product. -How should goods/services be produced? Producers combine resources (consumers sell factors of production) to make products they can sell. Price of factors of production influence producer decisions to make or not to make a product -Who should receive the goods/services produced? Incomes limit choices and decisions of consumers as they respond to price in the marketplace. Consumers earn incomes based on their contributions (factors of production) to production of goods/services. -How should the economy provide for growth? Producers increase the supply of goods and services in response to price in the marketplace. Consumers earn increased incomes as they respond (offer their labor or capital) to the price of factors of production.
What is it called when consumers have a great influence on the price of all goods and service?
Demand
How can consumers influence or affect the price of goods or services?
supply and demand. If more people want it, it is in greater demand thus the price is more; if less people want it, the opposite is true.
What is the total goods and services in the economy available at all possible price levels?
Consumer Price Indexes is monthly data on changes in the prices paid by consumers for a goods and services.
Factors that influence consumer demand for goods and services?
1.price of good and services 2.price of goodsand services in relation to other goods and services 3.taste and refrences 4.income
What does the term Consumer Price Index mean?
The goods consumers can buy an it helps to analyzed
What are the four economic questions?
-What should the economy produce? Market economies use price to answer this question. For example, Product X at a very high price may not sell, thus producers may stop making the product. -How should goods/services be produced? Producers combine resources (consumers sell factors of production) to make products they can sell. Price of factors of production influence producer decisions to make or not to make a product -Who should receive the goods/services produced? Incomes limit choices and decisions of consumers as they respond to price in the marketplace. Consumers earn incomes based on their contributions (factors of production) to production of goods/services. -How should the economy provide for growth? Producers increase the supply of goods and services in response to price in the marketplace. Consumers earn increased incomes as they respond (offer their labor or capital) to the price of factors of production.
When government wants to ensure that essential goods or services are within the reach of all consumers?
price ceiling
How are goods and services distributed in market economy?
To consumers based on the basis of their ability and willingness to pay the existing market price
How does the price system affect goods and services?
goods and services whether it may be anything price will be there for it
Why is it important for the supplier of goods and service to have information about price elasticity of demand?
In that way the supplier of goods and services, will be able to know how many goods they must produce for the quantity demanded in the economy. They need to know how much price affects the consumers.
What are the factors that affect quantity demanded?
Quantity Demanded is only affected by the change in prices & all other factors given below only affect or lay down changes in Demand2. taste/preference of consumers; the higher the pereference for a particular goods/service the higher the qd for the goods/service; the lower the preference the lower the qd of the goods/service3. deposable income (dy) of consumers; the higher the dy of consumers the higher the qd of goods/services; the lower the yd the lower the qd of goods/services4. population. the more the population the higher the qd for goods/services; the lower the population the lower the qd for goods/services5. price of complimentary goods/services; the higher the price of complimentary goods the lower the demand for the main goods; the lower the price of the complimentary goods/service the higher the demmand for the main goods/service.by;Zain-Ul-abideen email. Zain-Ul-abideen@hotmail.com
When the price of a capital good increases what happens to the prices of related consumers goods and services?
Prices increase due to the increase in production costs.
