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What economic term means the willingness of consumers to purchase a specific amount of a product at different prices?
Demand is the economic term meaning the willingness of consumers to purchase a specific amount of a product at different prices.
To which principle does circular flow refer?
The circular flow refers to a simple economic model which describes the reciprocal circulation of income between the consumers and producers. Thanks
What economic term means willingness of consumers to purchase a specific amount of a product at different prices?
Demand is the willingness of consumers to purchase a specific amount of a product at different prices.
The idea that producers make goods that consumers like and are willing to pay for is a principle of what economic systems?
market
Which economic principle describes the imbalance between what people want and what can b produced?
The laws of supply and demand that result from scarcity.
What economic term means the willingness of consumers to purchase a specific amount of a product at different prices?
Demand is the economic term meaning the willingness of consumers to purchase a specific amount of a product at different prices.
To which principle does circular flow refer?
The circular flow refers to a simple economic model which describes the reciprocal circulation of income between the consumers and producers. Thanks
What economic term means willingness of consumers to purchase a specific amount of a product at different prices?
Demand is the willingness of consumers to purchase a specific amount of a product at different prices.
Which term means the willingness of consumers to purchase a specific amount of a product at different prices?
Demand is the economic term meaning the willingness of consumers to purchase a specific amount of a product at different prices.
What is the economic term that means the amount that consumers will purchase or consume at a specific price?
Demand is the willingness of consumers to purchase a specific amount of a product at different prices.
The idea that producers make goods that consumers like and are willing to pay for is a principle of what economic systems?
market
Which economic principle describes the imbalance between what people want and what can b produced?
The laws of supply and demand that result from scarcity.
Circular flow refers to the economic model that describes which of the following?
mutual circulation of income between producers and consumers
When someone chooses to purchases one item over another because it is cheaper is known as the?
When someone chooses to purchase one item over another because it is cheaper, it is known as the "substitution effect." This economic principle describes how consumers will substitute a less expensive option for a more expensive one to maximize their utility while minimizing costs. It highlights the behavior of consumers in response to changes in prices among similar goods.
What is the basic economic principle that decides how high wages will be?
Supply and demand is the economic principle that decides how high wages will be
Is the free market economy the same as the market economic system?
yes!!Not really. A "free market" is generally a micro-economic term, and describes the conditions where consumers and suppliers form an economic exchange generally free of outside price controls. A "market economy" is a macro-economic term, and describes one of many different large-scale economic forms which use a free market micro-economy as its basis, but have a varying degree of regulation layered on top.
What is the two word economic term for your willingness to spend?
democratic leader
