Demand
When prices go up, quantity demanded goes down.
Law of Demand
Producers will offer more for sale at higher prices.
Law of Supply
The price at which quantity supplied equals quantity demanded.
What is equilibrium price?
The study of how people use limited resources to satisfy unlimited wants?
Economics
Who wrote Romeo and Juliet?
William Shakespeare
The two variables involved in demand are price and.....?
What is quantity demanded?
The two variables in supply are price and this.
What is quantity supplied?
A price set above equilibrium creates this.
What is a surplus?
What is the term for the next best alternative you give up when making a choice?
Opportunity cost
What is the largest ocean on Earth?
The Pacific Ocean
A change in this causes movement along the demand curve.
What is price?
When technology improves, the supply curve shifts in this direction.
What is to the right?
A price set below equilibrium creates this.
What is a shortage?
The limited nature of resources compared to wants
What is scarcity?
What does “www” stand for in a website browser?
World Wide Web
These three factors—consumer income, tastes, and expectations—cause shifts in the demand curve.
What are determinants of demand?
The point where supply equals demand is called this.
What is equilibrium?
This type of price control sets a maximum price that can be charged.
What is a price ceiling?
What happens to prices when demand increases and supply stays the same?
Prices go up
What is molten rock called when it’s below Earth’s surface?
Magma
When an increase in the price of one good causes demand for another to rise, the goods are called this.
What are substitute goods?
When producers expect higher future prices, they may do this to current supply.
What is decrease it?
This type of price control sets a minimum price that can be charged.
What is a price floor?
What type of economy is based on voluntary exchange and private ownership?
Market economy
What singer is known as the “King of Pop”?
Michael Jackson