0
When economists talk about a demand schedule for a product they mean?
Wiki User
∙ 7y agoWant this question answered?
Be notified when an answer is posted
Add your answer:
Earn +20 pts
What does it mean that the demand for a product is high?
if a product is in high demand it means lots of people want/like it, if something is in demand someone wants it, high demand means that product is popular and people want it, it's in high demand.
How do people demand goods and services?
When economists refer to the demand for goods and services, what they mean is, what goods and services are people buying. People demand things by buying them. If you demand to have things given to your for free, that is politics rather than economics.
What does it mean the demand for a product is inelastic?
When the demand for a product is inelastic, the product has no close substitutes and can't be easily replaced. Therefore, when the price of the product raises, people buy roughly the same amount of the product because they need it too much. This is in comparison to an elastic demand, where people will buy less of a product when it becomes more expensive.
What is supplyand demand?
Supply is the amount of a product that companies are manufacturing. Demand is the amount of a product that customers wish to purchase. When people talk about supply and demand they normally refer to supply and demand curves, and where they intersect is the market equilibrium price and quantity of the product offered. As price increases, companies will want to supply more of a product to make more money, but customers will demand less because they are less willing to pay higher prices for a product. (By product, I mean good and services)
Some economists believe the economy is self-regulating. What does this mean?
When an economy is self-regulating it means that the laws of supply and demand will be enough to control or monitor spending. If a supply is low the demand becomes higher, this in turn, may drive prices up if producers cannot keep up with consumer demand.
What does it mean that the demand for a product is high?
if a product is in high demand it means lots of people want/like it, if something is in demand someone wants it, high demand means that product is popular and people want it, it's in high demand.
How do people demand goods and services?
When economists refer to the demand for goods and services, what they mean is, what goods and services are people buying. People demand things by buying them. If you demand to have things given to your for free, that is politics rather than economics.
What does it mean the demand for a product is inelastic?
When the demand for a product is inelastic, the product has no close substitutes and can't be easily replaced. Therefore, when the price of the product raises, people buy roughly the same amount of the product because they need it too much. This is in comparison to an elastic demand, where people will buy less of a product when it becomes more expensive.
What is supplyand demand?
Supply is the amount of a product that companies are manufacturing. Demand is the amount of a product that customers wish to purchase. When people talk about supply and demand they normally refer to supply and demand curves, and where they intersect is the market equilibrium price and quantity of the product offered. As price increases, companies will want to supply more of a product to make more money, but customers will demand less because they are less willing to pay higher prices for a product. (By product, I mean good and services)
What does SOD mean in business If I want the Product with SOD what does it mean?
Business usage : Signature(s) on Demand ; Suppliers Offering Discounts ; on a product -- Super Optical Device ingredient of a product -- abbreviation for Sodium
Some economists believe the economy is self-regulating. What does this mean?
When an economy is self-regulating it means that the laws of supply and demand will be enough to control or monitor spending. If a supply is low the demand becomes higher, this in turn, may drive prices up if producers cannot keep up with consumer demand.
When economists say that people act rationally in their self interest they mean that individuals what?
When economists say that people act rationally in their self interest they mean that
What do economists mean by longterm?
answer- longer than a year
What do economists mean when they say that quantity demand and price have an relationship?
The law of demand states that when the price of a good or services falls, consumers buy more of it. As the price of a good or service increases, consumers usually buy less of it. In other words, quantity demanded and price have an inverse, or opposite, relationship.
What does product diversity mean?
Competitive markets exist when there is genuine choice for consumers in terms of who supplies the goods and services they demand
What does POD in retail merchandising mean?
Point of deliveryProof of deliveryPort of dischangePort of deliveryPrint on demand
What is Mexico's gross natural product?
I think you mean "Gross National Product". That statistic is no longer used, and instead economists use the "Gross Domestic Product" (here is the definition: http://en.wikipedia.org/wiki/Gross_domestic_product).In that case, Mexico's GDP would be of 1143 billion US dollars; the 13th economy in the world.
