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
As the price increases, so do costs.
What is The Supply Curve is upward-sloping because
100
an insistent and peremptory request, made as if by right.
What is demand
100
it means that demand is decreasing
when the demand curve moves to the left
100
a product often used with another product
What is complementary good
200
Variable inputs are inputs whose use vary with output. Conventionally the variable input is assumed to be labo
What is input cost
200
the opposite of supply is lack
What is a antonym
200
a graph showing how the demand for a commodity or service varies with changes in its price.
What is demand curve
200
it means that demand is increasing
What is When the demand curve moves to the right:
200
example: price of butter increases; this will increase demand for margarine
What is change in price of substitutes
300
is broadly defined as imposition of rules by government, backed by the use of penalties that are intended specifically to modify the economic
What is regulation
300
a tabular depiction of the relationship between price and quantity supplied, represented graphically as a supply curve.
What is supply schedule
300
a table that lists the quantity of a good all consumers in a schedule for a product indicates that there is an inverse relationship between price and quantity demanded.
What is demand schedule
300
with the rise or fall of price will have little impact on how much of the item people will be willing to buy (these items are usually more necessary to the consumer)
What is inelastic demand
300
demand will follow whatever people's tastes and preferences are; if something becomes a fad demand will increase, and vice versa
What is changes in tastes and preferences
400
provide with a fresh supply.
What is Resupply
400
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
400
a microeconomic law that states, all other factors being equal, as the price of a good or service increases, consumer demand for the good or service will decrease, and vice versa.
What is law of demand
400
when the rise or fall of price will greatly affect the amount that people are willing to buy (these items are more luxury oriented; you don't really need them)
What is elastic demand
400
demand will follow whatever people's income does; if income increases so does demand, and vice versa
What is change in income
500
An excise is considered an indirect tax, meaning that the producer or seller who pays the tax to the government is expected to try to recover or shift the tax by raising the price paid by the buyer.
What is excise tax
500
a measure used in economics to show the responsiveness, or elasticity, of the quantity supplied of a good or service to a change in its price.
What is elasticity of supply
500
Price elasticity of demand (PED or Ed) is a measure used in economics to show the responsiveness, or elasticity, of the quantity demanded of a good or service to a change in its price, ceteris paribus.
What is elasticity of demand
500
economic concept dealing with consumers' responsiveness to and increase or decrease in the price of a product
What is elasticity
500
demand will follow whatever the population does; if population increases so does demand, and vice versa