Keywords

Integrantes: Juana Niño, David Bossa, Miguel cartagena.

Keywords

• Microeconomics: It is the branch of the economy that examines the behavior of individual units, such as consumers, markets, and companies.
• Demand: it is called the inverse relationship between the price of a good and the quantity demanded of it, which is reflected in the negative slope of the demand curve.
• Markets: They are places where suppliers who offer their goods in exchange for money and, on the other hand, buyers who contribute their money to get those goods.
• Goods: a good is a product that families acquire to satisfy their needs either directly or indirectly.
• Services: It is an act where its purpose is to satisfy customers by giving an intangible item.
• Price: is the amount of money that a good or service owns and allows the acquisition or use of these.
• Efficiency: it is the best way for society to take advantage of scarce resources.
• Demand curve: is a graph where the relationship between the quantity demanded and the price of a good is observed.
• Complementary good: They are goods that their consumption depends on each other.
• Substitute good: They are goods that can be replaced by another good to satisfy the same need.
• Normal Good: It is a good that its demand increases when the consumer's income also increases.
• Lower good: It is a good that its demand decreases when the consumer's income increases.
• Total income: Total amount paid by buyers and received by sellers.
• Workforce: Service provided by families to companies in exchange for a salary.
• Production factors: They are all those inputs that are used to produce goods or services.

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