Businesspeople Often Use the Term _____ as a General Term

question 24

Short Answer

Businesspeople often use the term _____ as a general term to describe all types of plastic cards that consumers use to make purchases.

---

Definitions:

Demand Decreases

A reduction in the quantity of a good that consumers are willing and able to buy at each possible price.

Equilibrium Quantity

The amount of goods or services supplied and demanded at the equilibrium price, where the quantity supplied equals the quantity demanded.

Demand Increases

A situation in which the quantity of a product or service that consumers are willing and able to buy at a specific price rises.

Price Restrictions

Regulations or limits placed on the price level for goods and services, often by a government to control inflation or protect consumers.