Supply
Demand
Situations
Bonus
Vocabulary
100
A fundamental principle of economic theory which states that, all else equal, an increase in price results in an increase in quantity supplied.
What is Law of Supply?
100
A commodity or service that is provided without profit to all members of a society, either by the government or a private individual or organization.
What is public good?
100
Price goes down.
When supply goes up what goes down?
100

What is the financial gain received by selling something for more than what it cost?


What is a Profit?

100

People buy different amounts of goods and services when price goes up or down

What is change in quantity demanded?

200
A tabular depiction of the relationship between price and quantity supplied, represented graphically as a supply curve.
What is a supply schedule?
200
States that," all else being equal, as the price of a product increases (↑), quantity demanded falls (↓); likewise, as the price of a product decreases (↓), quantity demanded increases (↑)".
What is Law of Demand?
200
When this shifts, there has been a change in demand.
What is demand curve?
200
The intent to achieve monetary gain in a transaction or material endeavor.
What is a profit motive?
200

Prices help to move?

What is land, labor and capital?

300
The cost of overhead items such as labor and material used in the production of goods or services.
What is input cost?
300
A table that lists the quantity of a good all consumers in a market will buy at every different price.
What is a demand schedule?
300
When supply meets demand.
What is equilibrium?
300

The effect of a change in the price of a good upon the amount of that good demanded by a consumer, the other being the income effect.

What is Substitution Effect ?

300

The name of the smallest amount that can legally be paid to most workers for an hourly wage

What is price floor?

400

The change in output from hiring one additional unit of labor, or worker.

What is Marginal Product of Labor?

400
A law of economics stating that as a person increases consumption of a product while keeping consumption of other products constant, there is a decline in the marginal utility that person derives from consuming each additional unit of that product.
What is Law of Diminishing Marginal Utility?
400

As producers enter and exit the market, the number of ________ of a particular good changes, directly influencing supply

What are sellers?

400

The total value of all final goods and services produced in an economy

What is the GDP?

400

A type of economy where products, prices, and services are determined by the market, not the government.

What is Free enterprise system ?

500

Government encourages suppliers to produce more with subsidies or government money given to a business or market in order to increase supply.

What is Government Regulations?

500

Something that is sensitive to change

What is Elastic Demand?

500

Shoe City sold Nike at the equilibrium price of $50, Shoe Town moves in next door and also sells at $50. 

What is Excess Supply?

500

The difference between what consumers are willing to pay and what they actually pay.

What is Consumer Surplus?

500

The benefit you give up  by choosing to do one thing instead of the other

What is Opportunity Cost?

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