Demand
This represents a consumer's ability and willingness to purchase goods and services.
Demand
An increase in demand moves the curve to the ______; A decrease in demand moves it to the _______
right and left
Any person or business selling a product.
Producer
The factors of production used to make a product
An input
(selling price – cost of inputs =______
Profit
Anyone who purchases goods and services
Consumer
Products that can easily replace each other
A substitute
The amount (quantity) of a good or service that producers are willing and able to sell (make available) at various prices within a specific time frame
Supply
This curve, when graphed, resembles a slide in appearance
Demand
When quantity demanded is less than quantity supplied
Surplus
Price is the ________ charged for a particular product
Dollar amount
Products that are bought in conjunction with one another
Complement
The law of supply dictates that when prices_______; Quantity supplied_________
increases and increases
Technological advancement __________ supply
Increases
When quantity demanded equals quantity supplied, the buyers and sellers agree
Market Equilibrium.
The law of demand dictates that as prices increase, Quantity Demanded__________
Decreases
If a product's price increases, demand for its substitute__________
Increases
An international event that could affect supply
War, Pandemics, Depressions
This curve, when graphed, appears to be moving up
Supply Curve
Market equilibrium is achieved through the buyer and seller________
agreeing/compromising on a price
A demand curve shows the relationship between ________ and_________
Price and Quantity Demanded
An increase in the price of one good causes the demand for its complement to _________
Decrease
A natural disaster typically affects supply in this way
Decreases( could damage or destroy supply)
Shortages occur when prices are too _____; Surpluses occur when prices are too ______
low; high
This occurs when the quantity demanded is greater than the quantity supplied
Shortage