🛒 Demand
This economic concept refers to the willingness and ability of consumers to purchase a good or service
What is demand?
According to the Law of Demand, when the price of a product rises, this generally happens to quantity demanded.
What is it decreases?
The additional satisfaction a consumer receives from consuming one more unit of a good or service is called this.
What is marginal utility?
If the price of a product changes and consumers respond by buying a different quantity, this is called a change in this.
What is quantity demanded?
This occurs when the quantity demanded equals the quantity supplied
What is equilibrium?
Unlike a change in quantity demanded, this occurs when a factor other than the product's own price causes consumers' willingness and ability to buy to change.
What is a change in demand
A change in a product's own price causes a change in this, rather than a shift in overall supply.
What is quantity supplied?
New technology that allows a company to produce more products with the same resources will generally cause supply to do this.
What is increase?
When consumers want more of a product than producers are willing and able to sell, this exists.
What is a shortage?
A drought destroys a large portion of the nation's orange crop. What would likely happen to the supply of oranges?
What is supply decreases?
The price at which quantity supplied equals quantity demanded is called this.
What is the equilibrium price?
According to the Law of Supply, when price increases, quantity supplied generally does this.
What is increase?
When prices change freely in response to supply and demand, they help distribute scarce goods and resources through this system.
What is the price system?
If a store continuously has unsold merchandise, the current price may be too this.
What is high?
Gasoline prices rise sharply, causing some consumers to use public transportation instead. Public transportation is acting as this type of good.
What is a substitute?
A factory trains its employees to produce more goods in less time. This improvement is an increase in this economic concept.
What is productivity?
A bakery purchases a faster oven that allows it to bake twice as many loaves per hour. This factor could increase its supply.
What is technology?
The price of a product falls, causing consumers to purchase more of that product. Has demand changed, or has quantity demanded changed?
What is quantity demanded?
If movie tickets drop from $15 to $8 and more people go to the movies, this economic law is being demonstrated.
What is the Law of Demand?
If consumers suddenly stop liking a certain clothing brand, the demand for that brand will likely do this.
What is decrease?
Prices help producers decide what, how, and this to produce.
What is for whom?
When producers have more products available than consumers are willing to purchase, this exists.
What is a surplus?
The amount of a good or service bought and sold at equilibrium is called this.
What is equilibrium quantity?
A company develops a machine that cuts production costs in half. What will likely happen to supply?
What is supply increases?
This is the amount of a good or service producers are willing and able to sell.
What is supply?