Demand
Supply
Prices
TIMER
RATNEST
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
Buyers purchase exactly as much as sellers are willing to sell
What is equilibrium?
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
The most important determinant to supply and demand?
What is price?
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 condition shown as a shift caused by RATNEST
What is a change in supply?
300
An example is the minimum wage
What is price floor?
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
The maximum price that can charged for a good or service
What is price ceiling?
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 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 type of economy that uses rationing as the common form of distribution
What is a centrally-planned/ command economy?
500
TIMER stands for
What is taste/preference, income, market size, expectations of consumers, and prices of related goods?
500
RATNEST stands for
What is resource costs, alternative output prices, technology, number of sellers, expectations of producers, subsidies, and taxes?
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