Evaluation of Chapter 3 _Economi

Page 82-85
A. Multiple Choice
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B. Essay
1. Explain the definition of demand!
     - Demand refers to the amount of producs that consumers are willing and able to
        purchase at various prices in a given frame of time.
2. Explain the factors influencing individual damand and supply!
     - Factors influencing demand:
        1. Price of goods or services
        2. Individual income
        3. Price of related goods/services
        4. Personal taster
        5. Consumers expectations
    - Factors influencing supply
       1.Price
       2. Resources
       3.Techonology
       4. Producers expectation
3. How does production cost affect the quantity supplied!
     - Price and resources
4. Explain the law of demand. When does the law apply!
    - The law of demand states that the demand quantity of a commodity and its price are
       inversely related,if other things remain constant ( ceteris paribus)
    - The law apply is if terjadi penurunan atau kenaikan
5. Explain the meanings of shifting in demand curve and movement along the demand curve!
6. Explain the impact of subtitute goods to demand elasticity!
7. How does time frame affect on demand!
8. Explain the meaning of market equilibrium price!
    - Equilibrium price is the price at which the supply of a good equals to the quantity demand
      that is where the supply curve intersect with the demand curve
9. Explain how change in market equilibrium happnes!
     - Market Equilirium can change. The change is due to either the change of demand or supply.
       If the reason behind the change is the price,then the equilibrium wiil go back to the strating 
       point. Otherwise,if it is ecause of the change in one the ceteris paribus factors,such as technologi
10. Explain the factors influencing the elasticity of demand and supply!