Supply
What's supply?
The quantity or amount of something needed or available.
what's demand?
Willingness and ability to purchase a commodity or service
What is market price?
The current price at which a good or service is bought and sold in a market?
What is scarcity?
The condition where resources are limited but wants are unlimited
Are you supposed to have more supply than demand or more demand than supply?
Neither have enough for stability
According to the law of demand, what happens to the quantity demanded when the price of a good rises?
it decreases
When supply increases and demand remain unchanged, what generally happens to the market price?
it decreases
Why do individuals and societies have to make choices in economics?
Because of scarcity.
Name one factor, other than price, that can affect demand.
consumer income, tastes, prices of related goods, expectations, or population?
Whats equilibrium price
The price where the quantity supplied equals the quantity demanded
Name one of the four main resources considered scarce in economics.
land, labor, capital, or entrepreneurship