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Card 15 / 24:
On a microeconomic demand curve, a decrease in price causes an increase in quantity demanded because the product in question is now relatively less expensive than substitute products. Explain why aggregate demand does not increase for the same reason in response to a decrease in the aggregate price level. In other words, what causes total spending to increase if it is not because goods are now cheaper?
The course author didn't provide an answer for this question
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Questions & Answers
what is the effect of inflation in GDP
Not only real GDP but also nominal GDP will decrease
Aqib
yep. Inflation has an influence not only GDP but interest rate also.
Hamza
The pound weakens so imports become more expensive and exports lose value - lower GDP.
Rebecca
why do inflation effect economic
explain in detail
what is economic
what is scarcity
what is alternate uses
What is law of demand
Hilary
economic as a science refers to study of human resource
Kaunda
Law of demand- With all the factors remaining same if price increases of a commodity, the quantity of demand of that commodity decreases and vice versa
Dey
What is law of supply
Hilary
what are the factors that affect demand
what are the factors that affect demand of a good
Elly
what are the factors that affect demand of a good
Elly
what are the factors that affect demand of a commodity
Elly
1. the price of the product
2. the price of other products
3. consumers income
4. expectation of future changes in price
5. taste and preference etc.
ALI
1. price related of commodities
2. consumers income
3. the condition or season of the commodities
Tsai
decrease in demand of substitute
increase in demand of constituent
change in quantity
and other environmental factors
Hamza
Nd consumer's income
Hamza
Scarcity is the limited availability of a commodity, which may be in demand in the market or by the commons. Scarcity also includes an individual's lack of resources to buy commodities. The opposite of scarcity is abundance.
Marc
Reasons that explain why the division of labor increases an economy's level of production
Please I don't understand the meaning and the concept of economics as a science
economics as a science refers to the study of human behavior. how they make decisions etc
Saidou
economics is science because it uses scientific methods in analysing societal problems.. observation experimentation and conclusion inherently are used to analyse. however it is not pure science but social science because it studies human and it's environs
Bonney
what's elasticity of demand
are u asking because you don't know or what
Stephen
A measure of the responsiveness of a product demanded to a change in market price
Yuusuf
the degree of responsiveness of a product demanded to a little change in the price
Saidou
the degree of responsiveness of quantity demanded of a commodity to the changes in the price if the commodity in question, changes in the price of other related commodities and changes in the income of consumer
Bonney
what is international trade
international trade is a trade between foreign country
IYke
it is the exchange of goods and services between countries
Bonney
it's the exchange of goods and services from one foreign country to another
Israel
what s the causes of poverty for human being
lack of knowledge and resources
Asrat
it is lack of inclusive political and economic institutions in that country given a strong central government.
tesfaye
poverty is due to poor system of taxation
Hamza
progressive system of taxation can reduce poverty
Hamza
Isn't it poor system of taxation that causes poverty
Chukwuka
How is a monopoly market different from an oligopoly one?
Qn.5.a)explain four ways on how elasticity of demand determines the incidence of tax
b)design five mechanisms that can be uxed to reduc the gvt expendture in develping countriex lik tz
ALLY
l dont know can l have brief notes
Hilda
What is anatomy and physiology
Source:
OpenStax, Principles of economics. OpenStax CNX. Sep 19, 2014 Download for free at http://legacy.cnx.org/content/col11613/1.11
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