Demand, Supply & Market Forces
When the price of a substitute rises, demand for this product typically does this.
A: What is “increase in demand”?
The price and quantity where supply and demand intersect.
A: What is equilibrium?
This amendment protects freedoms of speech, religion, press, assembly, and petition.
A: What is the First Amendment?
In this system, government planners—not consumers—decide what to produce.
A: What is a command economy?
This amendment abolished slavery in the United States after the Civil War.
A: What is the 13th Amendment?
If consumers expect prices to rise in the future, this happens to today’s demand curve.
A: What is “demand increases today”?
When price is above equilibrium, this condition forms and pushes prices downward.
A: What is a surplus?
These two amendments reflect issues with militias and the quartering of soldiers.
A: What are the 2nd and 3rd Amendments?
These rights encourage investment, innovation, and responsible resource use.
A: What are private property rights?
19th
This event causes the supply curve to shift left because producers can no longer afford to produce as much at every price.
What are rising input costs?
When price is below equilibrium, this condition forms and pushes prices upward.
A: What is a shortage?
These two amendments protect individuals from unreasonable searches, self‑incrimination, and unfair arrests.
A: What are the 4th and 5th Amendments?
The U.S. is considered this because it blends market freedom with government regulation.
A: What is a mixed market economy?
This amendment created the federal income tax.
A: What is the 16th Amendment?
Rising input costs shift supply left, while technological improvements shift supply in this direction.
What is “shift right”?
A binding price ceiling creates this problem and often leads to black markets.
A: What is a shortage?
These two amendments guarantee jury trials in criminal and civil cases.
A: What are the 6th and 7th Amendments?
Incentives, competition, and consumer sovereignty shape production in this type of economy.
A: What is a market economy?
These three amendments together expanded freedom, citizenship, and voting rights for formerly enslaved people.
A: What are the 13th, 14th, and 15th Amendments?
A change in a good’s own price causes this type of movement rather than shifting the curve.
A: What is “movement along the demand curve”?
A binding price floor creates this problem, commonly seen in agricultural markets.
A: What is a surplus?
These amendments protect unlisted rights and reserve powers to the states.
A: What are the 9th and 10th Amendments?
What are the four economic systems?
Traditional, Command, Market and Mixed
This amendment allowed voters, not state legislatures to elect U.S. senators.
A: What is the 17th Amendment?