Microeconomics

Question 1

Who sets the price for goods and services and why does it change?

Answer 1

Consumers; Demand

Question 2

Law of Demand

Answer 2

Consumers will buy more of something if it costs less, and less of something if it costs more

Question 3

Demand

Answer 3

The desire to own something and have the ability to pay for it

Question 4

What affects the demand for a product?

Answer 4

Consumers who are willing and able to buy the product

Question 5

Microeconomics

Answer 5

The study of the behavior and decision making of small units, such as individuals, families and businesses