Supply
What is the law of supply
Price up=Supply Up
Price down=supply down
What is the law of demand
Price up=demand down
Price down=demand up
Oligopoly
Laws that protect peoples ideas
Patents
give me as many digits on pie as you can
3.14159265359
When the price for a product is high, and therefore no buyers want to buy product is called
Surplus
Where supply equals demand
equilibrium
Any place buyers and sellers meet to exchange goods/services
market
Where it is more cost-effective in a market to have an monopoly regulated by the govt.
Natural Monopoly
how many keys on a piano
88
The wants in life have __ demand
elastic
When the price for a product is low and therefore the supplier will not make any is called :
Shortage
When a company buys out their supply chain
vertical integration
obstacles that prevent competition
barriers to entry
tallest mountain in califronia
Mount Whitney
When a company buys out their competators
Horizontal integration
Gasoline for a car has __ demand
inelastic
The most common type of market
Monopolistic Comptetion
Microsoft/AT&T/Toys R US
Number one movie box office last week
Clayface
Name 3 factors that shift supply
Government Regulations
Input Costs
Technology
Productivity
Taxes
Subsides
Change in expectations
Number of sellers
An apple farm would be an example of what type of market.
Perflectly competetive market
A farmers market would be an example of what type of market
Perfectly competitive market
Name 3 factors that shift demand
Change in income
Substitute goods
Complement goods
Change in consumer taste
Change in expectations
Number of consumers
yankees championships
27