Demand
Supply
Equilibrium
Price Controls
Economics in Motion
100
This is the the common relationship that a higher price leads to a lower quantity demanded of a certain good or service and a lower price leads to a higher quantity demanded, while all other variables are held constant
What is the Law of Demand?
100
Seen here is a table that shows a range of prices for a good or service and the quantity supplied at each price
What is a supply schedule?
100
This term is Latin for "other things being equal"
What is ceteris paribus?
100
Minimum wage laws are a good example of a government imposing this price control
What is a price floor?
100
This economic event where spaghetti sauce is cheaper shifts the demand for pasta noodles in this direction
What is right?
200
This term refers to a good or service at the existing price, where the quantity demanded exceeds the quantity supplied; also called excess demand
What is a shortage?
200
Kudos to you if you recall these goods that are often used together so that consumption of one good tends to enhance consumption of the other
What are compliments?
200
This point identifies the equilibrium price and equilibrium quantity before the market movement
What is E0?
200
Article I Section 8 also called this authorizes Congress “to regulate commerce with foreign nations, and among the several states and with Indian tribes”
What is the Commerce Clause?
200
Another term to refer to the factors that shift demand or supply (think the P.R.I.C.E of N.E.C.T.R)
What are Determinants?
300
Seen here is a graphic representation of the relationship between price and quantity demanded of a certain good or service, with quantity on the horizontal axis and the price on the vertical axis
What is a demand curve?
300
These are the resources such as labor, materials, and machinery that are used to produce goods and services; also called inputs (or T-CELL)
What are factors of production?
300
At any above-equilibrium price, the quantity supplied exceeds the quantity demanded. Economists refer to it as this one-word term
What is surplus?
300
This is the maximum amount that a seller is allowed to charge for a good or service
What is a price ceiling?
300
With an increase of wages for your workers, you can reasonably expect this economic movement
What is Supply Shift Right?
400
This acronym was referenced to remember the Determinants of Demand
What is P.R.I.C.E?
400
This refers to a good that can replace another to some extent, so that greater consumption of one good can mean less of the other
What is a substitute?
400
Re-establishing equilibrium is before this step of the process for changes in equilibrium
What is Step 3 (Determine direction of the shift)?
400
The government wasn't kidding when it made regions J and K into this inefficient wasteland
What is deadweight loss?
400
As a newspaper owner, you can reasonably expect a shift in your demand, which drops this economic value, Q0
What is quantity supplied (or quantity demanded)?
500
Many factors of demand resemble the factors of supply, except this one based on popularity
What is consumer tastes?
500
Black Friday and Amazon Deal days like today are examples on this Supply Determinant
What are expectations of future price?
500
You can book it! Price controls are most effective when they are avoiding equilibrium, also referred to as this
What is binding?
500
When the government implemented this price floor, it changed the economic surplus to this region(s)
What is T,V,X?