Supply
As price increases, firms are willing and able to supply more and vice versa, ceteris paribus.
What is the law of supply?
only a change in price.
What causes a movement along the curve?
Sales Revenue - Costs
What is Profit?
Price x Quantity
Limited resources being allocated to meet the needs of people, businesses and governments.
What is the study of Economics?
Price changes.
What causes a movement along the curve?
Trend for reusable masks is dying.
What causes a leftward shift in demand?
The ideal point where supply and demand meet.
What is Equilibrium?
Meeting our own needs without compromising the ability of future generations to meet their own needs
What is the law of demand?
Price of butter increases to impact on the supply of cupcakes.
What causes a leftward shift in the supply curve?
snacks at the movie theatre when ticket prices decreases.
What causes a rightward shift in the demand curve?
What is a surplus?
The result of choosing one alternative and forgoing another.
All else being equal
What is ceteris paribus?
Future prices of peanut butter are forecasted to decrease.
What causes a rightward shift in the supply curve?
What are substitute goods?
Sam
Who was the egg-tart man?
land, labour, Capital, Entrepreneurship
What are the factors of production?
When income decreases, demand increases
What is inferior goods?
Cows and Leather.
What is an example of joint supply?
Factor that caused the impact on the demand for milk based on --> price of breakfasts cereal increases.
What is change in the price of complimentary goods?
Market forces pushing supply and demand to equilibrium.
in return is rental income
What is the return for Land (factor of production)?
When income increases, demand increases
What is normal goods?