Supply
Supply is from the perspective of the ___________
Producer or Supplier
Demand is from the perspective of the ____________
Comsumer or buyer
Where is the point where the demand curve and supply curve cross?
Equilibrium
What is a complement to cereal?
Milk
What economic system is characterized by private ownership of resources and businesses, competition, and limited government intervention?
What is Capitalism (or Free Enterprise)?
This is the main goal of a supplier.
To make money or maximize profits
This is the largest factor in determining demand.
Price
What do stores do that have excess supply?
Have a sale or discount
When prices rise, people feel poorer. This is termed the ______________ effect.
Income
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?
What are private property rights?
A decrease in the supply curve means the curve moves closer to the __________.
What is y-axis (leftward shift)?
The demand curve increases in quantity as price _______
Decreases
What four factors shift demand ?
income fashion taste population trends price of substitutes price of complements season
What is the term for a table or graph that shows the relationship between the price of a product and the quantity supplied by producers?
What is the supply curve?
What are the two primary sectors in the circular flow model, representing the core economic actors?
According to the supply curve, as quantity increases, price ___________________
Increases
A product that must be used in conjunction with another product, like mustard on a hot dog.
What is a compliment?
What do stores do when they have excess demand?
What is increase the price?
What is the term for when consumers will buy more of a product at any given price ?
What is increase in demand or demand shift right ?
Why is the price of natural gas so high?
Why is demand high?
A movement along the curve is referred to as _______ in _______ supplied.
Change, Quantity
Another term for a change in quantity demanded is a ________ in the demand curve.
Shift
how can equilibrium be achieved if you a rent ceiling on housing? worth 750 - its a hard one
You can create a black market .
what is the elasticity of supply of the Mona Lisa
perfectly inelastic or 0
_________ is the a Latin phrase economists use meaning, " all other things held constant."
Ceteris Paribus