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Who determines the demand for a good or service?
The consumer.
When a consumer is able willing to buy a good or service he or she creates what?
When a consumer is able and willing to buy a good or service he or she creates a demand.
What two things are necessary for a consumer to have demand for a good or service?
The desire for a good or service with the ability to pay for it.
What defined as the amount of a good or service that a consumer is willing to buy?
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.
What does it mean when an economist says that a consumer has a demand for a good or service?
When an economist says that a consumer has a demand for a good service, it means that this consumer has a willingness to pay for that good or service. This means the consumer: 1) achieves a certain level of utility (happiness) from the good or service; 2) will trade-off some of their other production, represented as income, for that good in certain amounts. Demand is generally represented in two forms: 1) a demand schedule, which lists the quantity demanded at varying price levels and is mathematically discrete; 2) a demand function, which is the same as a demand schedule but is a 'curve' on a graph, being continuous.
Who determines the demand for a good or service?
The consumer.
When a consumer is able willing to buy a good or service he or she creates what?
When a consumer is able and willing to buy a good or service he or she creates a demand.
What two things are necessary for a consumer to have demand for a good or service?
The desire for a good or service with the ability to pay for it.
What defined as the amount of a good or service that a consumer is willing to buy?
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.
What is individual demand and market demand?
Individual demand is the demand of one individual consumer in the market for a good or service.Market demand is the total combined demand of all consumers in the market for a good or service.
Which of these is an example of a market economic system?
The Price of a good or service is detrimend by consumer demand
What is the amount of a good or service that a consumer is willing to buy is?
The term for that definition is effective demand
What it the amount of good or service that a consumer is willing to buy?
The term for that definition is effective demand
How does consumer expectation affect demand for certain goods?
Expectations of future events affect the current demand for a good or service.
The law of demand state that all else constant?
The law of demand states that all other factors being equal, as the price of a good or service increases, consumer demand for the good or service will decrease. The opposite happens if the price decreases the need for the good or service increases.
