Demand
Supply
Equilibrium
Market Failures
Misc.
100
The definition of demand
What is the ability and willingness to buy different quantities at different prices
100
The definition of supply
What is a person who provides different amounts (quantity) of a good or services at different prices
100
Where supply curve and demand curve meet
What is the equilibrium point
100
When the buying and selling of a good or service does not reflect all the true costs
What is market failure
100
The type of advertising that is most often used to get consumers to buy goods and services
What is emotional advertising
200
The law of demand
What is an indirect relationship between price and quantity demanded
200
The law of supply
What is the direct relationship between price and quantity supplied
200
Causes an equilibrium point to change
What is something other than price (reasons for shifts in demand or supply)
200
Externality
What is when someone not directly involved in an economic transaction (consumer/producers) is still positively or negatively impacted
200
Advertisers try to get this about their potential customers
What is collect as much information on potential consumers as possilbe
300
The goal and motivation of any producer
What is profit
300
The importance of the equilibrium point
What is solves the economic dilemma
300
Public goods
What is certain goods or services that the government needs to provide because private businesses can't control access
300
What is studies under the topic of Microeconomics
What is the study of how individuals and businesses make economic decisions
400
The reasons for shifts in demand
What is tastes, income, price of compliments and substitutes, and expectations
400
What will happen on a supply graph if there is a change in the price of the product being produced
What is movement along the curve (from one point on the graph to another)
400
What is equal at the equilibrium point
What is the price and amount consumers are willing to pay and the price and amount producers are willing to produce
400
When someone is positively impacted by an economic event that they were not directly part of
What is positive externality
500
The main reasons for supply shifts and indicate which is the most common reason)
What is cost of production (main reason), number of sellers, expectations
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