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When you purchase goods or services what does it create?
When a consumer is able and willing to buy a good or service he or she creates a demand.
Price of related goods?
Demand for good or service increases if the price of related goods increases, and vice versa.
How does consumer expectation affect demand for certain goods?
Expectations of future events affect the current demand for a good or service.
What is the circular flow of economic activity?
[NovaNet] the movement of income from producers of goods and services to consumers, and back to producers. [Study Island] Consumer spending drives demand for goods and services.
What is the relationship between Hicksian demand and Giffen goods in economics?
In economics, Hicksian demand refers to the quantity of a good or service that a consumer is willing to buy at a given price, assuming their income and preferences remain constant. Giffen goods are a rare type of good where the demand increases as the price rises, contradicting the law of demand. The relationship between Hicksian demand and Giffen goods is that Hicksian demand does not apply to Giffen goods because their demand does not follow the typical downward-sloping demand curve.
What generates a demand for goods and services?
PRICE
What demand for all goods and service within a country is called?
Aggregate Demand
When you purchase goods or services what does it create?
When a consumer is able and willing to buy a good or service he or she creates a demand.
Price of related goods?
Demand for good or service increases if the price of related goods increases, and vice versa.
What is it called when consumers have a great influence on the price of all goods and service?
Demand
How does consumer expectation affect demand for certain goods?
Expectations of future events affect the current demand for a good or service.
Simple circular flow model shows that?
A simple circular flow model shows the flow of goods and services through the economy. It is basically a model that shows supply and demand in an economy.
What is the circular flow of economic activity?
[NovaNet] the movement of income from producers of goods and services to consumers, and back to producers. [Study Island] Consumer spending drives demand for goods and services.
What is the relationship between Hicksian demand and Giffen goods in economics?
In economics, Hicksian demand refers to the quantity of a good or service that a consumer is willing to buy at a given price, assuming their income and preferences remain constant. Giffen goods are a rare type of good where the demand increases as the price rises, contradicting the law of demand. The relationship between Hicksian demand and Giffen goods is that Hicksian demand does not apply to Giffen goods because their demand does not follow the typical downward-sloping demand curve.
What is provided by the consumers in the circular flow of the free market system?
WagesApex approved
What social scientist is most concern with analyzing the relationship between supply of and demand for goods and service?
an economist
What is the difference between derived demand and absolute demand?
Derived demand refers to the demand for a good or service that results from the demand for another good or service, typically in a production context. For example, the demand for steel is derived from the demand for automobiles, as steel is a necessary input in their production. In contrast, absolute demand refers to the total demand for a product or service in the market, independent of the demand for other goods. Essentially, derived demand is contingent on the demand for related products, while absolute demand stands alone.
