Supply
Demand
Supply and Demand
Supply and Demand Vocab
Misc.
100
In economics, "Supply side" refers to the perspectives of the ___________
Producer or Supplier
100
Demand comes from perspective ____________
prospective consumer or buyer of a good or service
100
Where is the point where the demand curve and supply curve cross?
Equilibrium
100
What is a complement to breakfast cereal?
Milk
100
What economic system is characterized by private ownership of resources and businesses, competition, and limited government intervention?
Capitalism or market market-based economic system
200
This is the main goal of a supplier.
To make money or maximize profits
200
This is the largest factor in determining demand.
Price of the product
200
What do stores do that have excess supply?
Have a sale or discount
200
When prices rise, people feel poorer. This is termed the ______________ effect.
Income
200
What characteristic of a free enterprise system ensures that individuals and businesses have the right to own, use, and dispose of property as they see fit?
private property rights
300
A decrease in the supply means the curve shifts____ __________.
to the left of its previous location.
300
The Quantity demanded increases as price _______
Decreases
300
What four factors shift demand ?
income fashion taste population trends price of substitutes price of complements season
300
What is the term for a graph that shows the relationship between the price of a product and the quantity supplied by producers?
The supply curve
300
What are the two primary sectors in the circular flow model, representing the core economic actors?
households and businesses
400
According to the supply curve, as quantity supplied (Qs) increases, price ______
Increases
400
A product that must be used in conjunction with another product, like mustard on a hot dog.
What is a compliment?
400
What do stores do when they have excess demand?
They raise product prices.
400
What is the term for when consumers will buy more of a product at any given price ?
This is an increase in demand implied by a rightward shift of the demand curve
400
Shift of a demand curve happens, not because of change in its ____, but because of changes in _____.
Price, other factors such as income, tastes and preferences, price of related goods etc.
500
A movement along the existing supply curve is referred to as a _____in ______ supplied.
Change, Quantity
500
Another term for a change in quantity demanded is a ________ the demand curve.
movement along the demand curve
500
Everything else being unchanged, an increase in demand will cause____.
Its price to increase
500
For substitute goods pairs, an increase in price of a substitute good will cause the demand for the other (substitute) good to ____.
increase.
500
_________ is the a Latin phrase economists use meaning, " all other things held constant."
Ceteris Paribus