Demand
Excluding all other factors.
What is the Ceterius Paribus?
Graphic representation of the relationship between product price and quantity of product that a seller is willing and able to supply.
What is a supply curve?
an amount that is more than what is needed or used, or when receipts are greater than expenses.
What is a Surplus?
The highest price a seller is allowed to charge for a good or service.
What is Maximum Price?
a commodity or service, such as education, that is regarded by society or government as deserving public finance.
What is a Merit Good?
The total amount of money that individuals and households spend on final goods and services for their own use.
What is Consumer Spending?
Price multiplied by the Quantity.
What is the revenue formula?
a state or situation in which something needed cannot be obtained in sufficient amounts.
What is Shortage?
lowest acceptable price for a good or service, which can be set by a seller to cover costs and ensure profit, or by a government.
What is Min Price
A product or service considered unhealthy or socially undesirable.
What is a Demerit Good?
The price of a good or service increases, its quantity demanded decreases, and vice versa. Ceterius Paribus.
What is Law of Demand?
External conditions that influence living organisms, health, and businesses
What is Environmental Factor(s)?
a table showing the total quantity of a good or service that all consumers in a market are willing to buy at various prices.
What is Market Schedule?
Another name for Minimum Price
What is Price Floor?
Tax for a specific good
What is Excise Tax?
A table that lists the quantity of a good or service consumers are willing to buy at different prices during a specific time period.
What is Demand Schedules?
as prices increase, so does the amount produced by sellers.
What is Law of Supply?
Consumers' actions influence prices in situations of market disequilibrium
What is bidding up the price?
Another name for Maximum Price
a desire to achieve specific economic, social, environmental, or political objectives
What is a cause of subsidy?
the price of the good, consumer income, prices of related goods (substitutes and complements), consumer tastes and preferences, and consumer expectations about future prices or income.
What is factors of demand?
the price of the good, the cost of inputs (labour, materials), the price of related goods, technology, government policies like taxes and subsidies, future price expectations, and the number of sellers.
Factors of Supply
Producers will continue to decrease the price until they reach Pe, the price where the amount they want to sell is the same as what customers want to buy.
contextual, economic consequence
What is Flow On Effect?
To raise essential revenue for governments
What is the cause of tax?