WGU C201 Business Acumen Chapters 3 & 7: Economics and Organizational Structure | 60 Questions And Answers!!

actors Influencing Demand - Demand is driven by price, consumer preferences, the economy, the number of buyers in a market, customer incomes, price of substitutes and complimentary items. Factors of Production - Natural resources, capital, human resources and entrepreneurship. What is the key factor influencing demand? - Price Demand Curve - A graph of the amount of a product buyers will purchase at different prices. Supply Curve - Shows the relationship between the price of a good or service and the quantity supplied for a given period of time. Opposite of demand curve. Slopes upwards. Equilibrium Price - The prevailing market price at which you can buy an item. Where supply and demand pricing meet on the curve. Explain a situation where a supplier would reduce prices. - The cost of inputs decrease. The cost of technology decreases. The cost of taxes decrease. There are more suppliers. Microeconomics - The study of economic behavior among individual consumers, businesses, and families whose collective behavior in the marketplace determines the quantity of goods and services demanded at different prices. Key terms: supply and demand.Macroeconomics - The study of the broader economic picture and of how an economic system maintains and allocates its resources.