Demand
Supply
Vocab
Shift or Not to Shift
Shift or not to Shift II
100
A consumer is willing and able to buy a good or service
What is demand?
100

The effect to quantity supplied when the selling price of candy goes up.

What is suppliers INCREASE the supply of candy?

100

The demand for this good goes up when income goes down.

What is an inferior good

100
The price of Big Macs goes up. The effect on the demand curve for Whoppers.
What is a shift to the right?
100
The effect on supply and the supply curve for cheap shoes when Payless decides to open 100 new stores.
What is an increase in the supply of cheap shoes and a shift to the right in the supply curve?
200
Goods that decrease in demand when income increases.
What are inferior goods?
200
Government payment to support a business or market
What is a subsidy?
200
When the quantity supplied is greater than the quantity demanded.
What is a Surplus
200
Thousands of people in Houston lose their jobs. The effect on the demand curve for sushi
What is shift to the left?
200
The price for a dozen of rose is expected to increase the weekend before Valentine's Day. The effect on the current demand curve for roses
What is a shift to the left?
300
People buy more of a good when the price of that good decreases
What is law of demand?
300

A shift of the curve left or right is called...

What is a change in supply?

300

When the price of the product goes up and it is a substitute for another the demand for the other product will go______. 

What is Increase or up

300
There is a hurricane in Galveston. The effect on the demand curve for movie tickets in Galveston
What is shift to left?
300
The cost of shoe laces decrease. The effect on the supply curve for Air Jordans
What is a shift to the right?
400
An example of this is margarine can be used in place of butter?
What are substitutes?
400
The effect that taxes has on supply of a good
What is decrease the supply of a good?
400

Money that is given to business by the government 

What are subsides. 

400
The cost of gasoline will decrease in the near future. The demand for SUVs now ________ causing the current demand curve for SUVs ___________.
What is decrease and shift to the left?
400
The cost of steel increases. The supply curve for cars ________ because this is an example of ___________ (RATNEST)
What is decrease and resource costs?
500

A condition shown as a movement along the curve caused by a change in price?

What is a change in quantity demanded?

500

The effect of excess supply has on price

What is prices tend to fall or decrease?

500

The point that supply and demand are in harmony.

What is Equilibrium ?

500

5 Shifters of Demand are

What is taste/preference, income, market size, expectations of consumers, and prices of related goods?

500

5 Shifters of supply are 

What is resource costs, technology, number of sellers, expectations of producers, subsidies, taxes, or regulation?

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