Demand
When the price of a good increases the quantity demanded decreases.
What is the Law of Demand.
Reflects a shift of the entire demand curve.
What is a change in quantity demanded.
When the price of a product increases the quantity supplied increases.
What is the Law of Supply.
to the right.
The interaction of _________ and ________ determines the price.
What is buyer and seller.
T.R.I.B.E. Tastes, prices of related goods, income, number of buyers, and expectations about future prices.
What is the overall willingness to pay or the determinants of demand.
A change in consumers taste is a change in
What is demand.
The supply curve of a particular good or service show the quantity producers will _______ at different _______.
What is "produce/supply or sell" and "prices"
Number of sellers, Productivity, Input prices, Taxes/Subsidies, Expectations. These are
What is supply shifters.
The quantity demanded equals the quantity supplied.
What is equilibrium price.
The demand curve summarizes the relationship between the quantity demanded and the
What is the price a customer is willing to pay.
What is price.
If the price of a good drops suppliers will supply
What is less.
There has been an in the input costs for suppliers of ice cream. What will happen to the supply curve?
Buyers compete against ___________ and sellers compete against _______________.
Buyers compete against buyer and sellers compete against sellers.
The demand curve slopes
What is the downwards
The prices of houses in Victoria are increasing. This causes what to the demand curve?
If the price of a good or service increases, suppliers will
What is supply more.
Different people will work for different amounts of money for the same job. This is represented by a shift in supply or a supply curve.
Quantity demanded is less than quantity supplied is ________ and quantity demanded is more than quantify supplied is___________
Market surplus is when demand is less than supply.
Market shortage is when supply is less than demand.
Reflects movement along a fixed demand curve.
What is a change in quantity demanded.
The summer holidays are coming. Demand for hot chocolate decreases What happens to the demand curve for hot chocolate?
What is the demand curve moves to the left.
The supply curve slopes
What is up.
A government subsidy, decrease in input costs, new technology and fear that the prices will be dropping of a product will all result in what and what will happen to the supply curve?
What a shift of the supply curve to the right and an increase in supply.
When there is a shift in demand. What happens to the supply curve and the price that will be paid at each point?
The supply curve stays the same it is the demand curve that shifts to the right. The price will increase at each point.