Supply
What is supply?
All available amount(s) of a good or service for all available prices
What is demand?
Number of people who want goods/services
What is a complementary good?
Good that goes well with another
What is a demand table?
Table that shows total demand. (All demand for all prices)
What is quantity supplied?
The specific amount available for a specific price
What is quantity demanded?
Number of people who want a good/service for a specific price
What is a substitute good
Good that can be used instead of another
What is the difference between quantity demanded and demand?
Quantity demanded - specific number of people who want a good/service for a specific price
Demand = all the people who want the supply
What is a supply curve?
Graphical representation of available supply
What is a demand curve?
Graphical representation of available demand
What are 2 substitute goods for No. 2 pencils?
What are 2 substitute goods for a book bag?
Canvas bag, napsack, handbag
What does the line on a supply curve represent?
What does the point on a supply curve represent?
Line = All available supply for all available prices
Point = Specific supply available for a specific price
What does the line on a demand curve represent?
What does the point on a demand curve represent?
Line = All people who want the good/service
Point = Number of people who want the good/service for a specific price
What might happen to the demand for sweatpants if the demand for sweatshirts decreases?
Demand will also decrease
What are 2 complementary goods for a book bag?
Tags, Key chains
What happens to the supply curve when supply increases? Decreases?
Increases = Moves right
Decreases = Moves left
What happens to the demand curve when demand increases? Decreases?
Increases = Moves right
Decreases = Moves left
What happens to the demand for iphones if the demand for androids increases?
Iphones demand decreases
What is a complementary service for a manicure?
Pedicure
Massage