Supply
This term means a specific amount a producer will sell at a certain price.
What is quantity supplied?
This term means how much consumers are willing and able to buy at different prices.
What is Demand
This branch of economics studies individual choices by consumers and businesses.
What is microeconomics?
This term measures how much demand changes when price changes.
What is elasticity?
A reason or reward that encourages people to act in a certain way.
What is an incentive?
This is the amount of a good or service producers are willing and able to sell.
What is supply?
This law says that when prices rise, quantity demanded falls.
What is the Law of Demand?
Microeconomics focuses on small-scale decisions, while this focuses on the economy as a whole.
What is macroeconomics?
If price goes up and consumers stop buying, demand is considered this.
What is elastic?
Coupons, discounts, and rewards programs are all examples of this.
What are positive incentives?
This law states that producers will make more when prices are high
What is the Law of Supply?
This chart shows how much of a good people will buy at different prices.
What is a demand schedule?
Microeconomics looks at this type of “market” where buyers and sellers meet.
What is a marketplace?
If people buy about the same amount no matter the price, demand is this.
What is inelastic?
ines or taxes are examples of this kind of incentive.
What are negative incentives
This graph usually slopes upward, showing the relationship between price and quantity supplied.
What is the supply curve?
This graph slopes downward and shows the relationship between price and quantity demanded
What is a demand curve?
A local coffee shop deciding how much to charge for drinks is an example of this type of economics.
What is microeconomics?
Gasoline and medicine are examples of goods with this type of demand.
What is inelastic demand?
Businesses often use these incentives to motivate workers to do better.
What are bonuses or commissions?
Resource costs, technology, and taxes are examples of these that cause the supply curve to shift.
What are factors that change supply (supply shifters)
A change in these five factors — income, tastes, population, related goods, or expectations — causes this to happen to the demand curve.
What is a shift in demand?
This principle studies how people use limited resources to satisfy unlimited wants.
What is scarcity?
This factor often determines elasticity — if a good has many substitutes, demand is usually this.
What is elastic?
This term means the benefit or satisfaction a person gets from choosing one option over another.
What is utility?