Product Market - Any physical or digital market where goods and services are sold., Resource Market - A Market where households provide labor and other resources to businesses., Households/Individuals - Consumers who provide revenue and resources to businesses , Businesses - Companies that create and sell goods and services, Taxes - Money paid to Government by both households and businesses, Subsidies - Money paid to businesses by the government , Revenue - Money earned by businesses from selling goods and services to households, Goods and Services - Products and Services sold in the product market by businesses to households., Resources - Another term used to describe Labor, land, capital, or entrepreneurship provided to businesses by households., Demand - the DESIRE and ABILITY to buy goods and services at various prices, LAW of DEMAND - The inverse relationship between price and quantity (Price increases, quantity demanded decreases), Taste and Preference - any occurrence that happens that changes a persons demand for a product or service , Number of Consumers - More people more demand, less people less demand, Related Goods - Substitutes and Complements, Income - Normal Goods and Inferior Goods, Future Expectations - when a consumer predicts they will have demand for a product or service in the future.,

Micro Terms Review

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