Term
What would cause the Production Possibility Curve to:
shift outwards
shift inwards? |
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Definition
A) Increase in supply of resources,Improvement in technology
B) Decrease in supply of resources |
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Term
| Name the conditions affecting a demand curve |
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Definition
The consumers taste
Advertising
Change in the price of substitute goods
Change in the price of complementary goods
The season and weather
Level of income enjoyed by the consumer |
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Term
| Name the 4 types of demand for goods or raw materials |
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Definition
1) Joint or complementary demand (A change in the market conditions of one will lead to a change in the price of another)
2) Competitive demand
3) Derived Demand
4) Composite Demand (for a product with many different uses such as nylon or sugar. A rise in the demand for one use may affect the price paid by mainy users) |
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Term
Answer these questions:
A rise in price for a good causes a shift in which direction along a curve?
A fall in price of a good casues a shift along the curve to the...... |
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Definition
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