Supply
This is the total amount of a product available for sale.
What is supply?
This represents how much of a product consumers want to buy.
What is demand?
The point where supply and demand meet is called this.
What is equilibrium?
The study of how people use limited resources to satisfy unlimited wants.
What is economics?
The price of this frozen treat often increases in summer due to higher demand.
What is ice cream?
When supply increases, prices tend to do this
What is a decrease?
When demand increases, prices tend to do this.
What is increase?
When supply exceeds demand, this type of surplus occurs.
What is a market surplus?
These are the four factors of production.
What are land, labor, capital, and entrepreneurship?
The supply of this decreases in winter, often causing prices to rise.
What are fresh fruits and vegetables?
This term describes when a company can produce more items at a lower cost per unit.
What are economies of scale?
These are goods that people buy more of when their income increases.
What are normal goods?
This happens when demand exceeds supply at the current price.
What is a shortage?
This term describes the additional cost of producing one more unit of a good.
What is marginal cost?
Demand for this product typically increases right before a hurricane, causing temporary shortages.
What is bottled water?
This graph shows the relationship between price and quantity supplied.
What is a supply curve?
This graph shows the relationship between price and quantity demanded.
What is a demand Curve?
This term describes a situation where one buyer or seller can significantly influence the market price.
What is market power?
This economic system is based on private ownership and free markets.
What is capitalism?
The invention of this device decreased the demand for landline phones.
What is the cell phone or smartphone?
This economic principle states that as the price of a good rises, the quantity supplied will increase.
What is the law of supply?
This economic principle states that as the price of a good rises, the quantity demanded will decrease.
What is the law of Demand?
This economic concept suggests that free markets naturally move towards equilibrium without outside intervention.
What is the invisible hand?
This concept in economics states that the true cost of something is what you give up to get it.
What is opportunity cost?
The price of this commodity often fluctuates based on global supply and political events in oil-producing countries.
What is gasoline or oil?