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Chapter 2
1.
2. Buyers and
Sellers MEET.
Where people usually buy vegetables,
meats, etc.
Where people buy shoes, clothes or
other dry goods.
3. Quantity of good or service that people are ready to
buy at given prices within a given time period.
Desire to posses a thing.
Ability to pay for it or means of purchasing it.
Willingness in utilizing it.
4.
5. Table that shows the relationship of prices and the
specific quantities demanded at each of the prices.
Graphical representation showing the
realationship between price and quantities
demanded per time period.
Shows the relationship between demand for a
commodity and the factors that determine or influence
this demand.
6. CHANGE IN QUANTITY
DEMANDED
If the movement is along the same
demand curve.
CHANGE IN DEMAND
Change in demand if the entire demand curve
shifts to the right side resulting to an increase
in demand.
7. FORCES that cause the DEMAND CURVE to CHANGE
Taste or Preferences
Changing Incomes
Occasional or Seasonal Products
Population Change
Substitute Goods
Expectations of Future Prices
8. Quantity of goods and services that firms are ready and
willing to sell at a given price within a period of time.
11. Optimization in the use of factors of production
Technological Change
Future Expectations
Number of Sellers
Weather Conditions
Government Policy
12. Meeting of SUPPY and
DEMAND.
Balance that exist
when quantity
demand equals
quantity supplies.
Price agreed by the seller to offer its good or service for
sale and for the buyer to pay for it
