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More cards in this set
Card 6
Front
A good that decreases in demand when consumer income rises
Back
Card 7
Front
Measures the responsiveness of the quantity demanded to a change in the price of a good
Back
Card 8
Front
The total amount of money a firm receives when selling its products
Back
Card 9
Front
Increasing price will reduce quantity sold by a greater amount and revenue will fall
Back
Card 10
Front
Increasing price will reduce quantity sold by a smaller amount and revenue will increase
Back
Card 11
Front
This is the quantity a producer is willing and able to produce at a given price
Back
Card 12
Front
Measures the responsiveness of quantity supplied to a change in price
Back
Card 13
Front
When demand and supply meet and the market 'clears'
Back
Card 14
Front
A tax placed on a good service which is a specific amount of money per units bought
Back
Card 15
Front
The growing, harvesting, sourcing of natural/raw materials sector
Back
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