Supply
Demand
Prices
Graphs & Charts
Costs & Revenues
100
The quantity supplied increases, results in...
What is prices going up?
100
According to the Law of Demand, when prices go down, quantity demanded
What is increases/goes up?
100
This is the measure of how responsive consumers/demand are to price changes
What is elasticity of demand?
100
Graph curve that starts in the upper Left and slopes down to the lower right is what type of graph/curve?
What is Demand curve
100
What is an important Cause-and-effect relationship in economics, which is a measure of responsivness
What is elasticity
200
A rise or fall in the amount producers offer for sale because of a change in price
What is a change in quantity supplied
200
This states that the benefit or satisfaction of using each additional unit of a product will decline the more it is used
What is Diminishing Marginal Utility?
200
Price is an_______ that discourages buyers from purchasing a product
What is an obstacle
200
This graph that works in opposite direction than a demand curve is
What is a supply curve
200
What is the change in price due to change in demand
What is demand elasticity
300
This factor that causes a change in supply refers to the collective price of the resources that go into producing a good or service
What are input costs?
300
This is the change in the amount consumers will buy because the purchasing power of their income changes
What is the Income Effect?
300
This is the price at which the quantity demanded and the quantity supplied are equal
What is equilibrium price?
300
The point where a supply curve meets a demand curve is the
What is market equilibrium price
300
What causes a relativley small change in quantity demanded
What is inelastic
400
The measure of how responsive producers are to price changes in the marketplace
What is Elasticity of Supply?
400
These are goods and services that can be used in place of each other
What are substitutes?
400
This is the result when the quantity supplied is greater than the quanitity demanded
What is a surplus?
400
This occurs when quantity demanded and quantity supplied are not in balance, causing the supply curve or the demand curve to shift
What is disequilibrium?
400
The elasticity of demand can be determined in 3 different ways. Name 2
Can Purchase be delayed? Adequate Substitutes Available? Purchase Use a Large Portion of Income?
500
These factors that can cause a change in supply include taxes, subsidies and regulations
What are govenment actions?
500
These are goods that are used together so a rise in demand for one increases the demand for the other
What are complements?
500
This is the result of quantity demanded being greater than quantity supplied
What is a shortage?
500
When the there is a decrease in the quantity demanded, the demand curve shifts in this direction
What is to the left?
500
Demand is elastic when a change of price causes a ______ change in quanitity demanded
What is Large?
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