The Law of Supply
The quantity of a good or service.
What is supply?
This is the state when the quantity of a good or service provided by producers is equal to the amount being demanded by consumers.
What is market equilibrium?
This is what happens when an area experiences a drought.
What is the price of water increases?
The quantity of a product or good that consumers are willing to purchase.
What is demand?
A change in the price of a good or service can cause this to happen on the demand curve.
What is movement?
The law that states that a higher price will lead producers to supply a higher quantity to the market.
What is the law of supply?
More people move to a city than they have available houses. This is what happens to the housing market and prices.
What is prices go up?
This happens to the price of Candy Hearts after Valentine's Day.
What is the price decreases?
Consumers' changing desire to purchase goods and services at given prices.
What is the law of demand?
This causes a movement along the supply curve.
What is a change in price?
The supply curve shifts to the left.
What is all prices will decrease?
This will happen to the market if supply decreases.
What is a shift in the market?
This is what happens to the price of wrapping paper following the holidays.
What is the price decreases?
This is what happens when there is an increase in demand.
What is the price increases?
This is what the five main factors that drive demand are called.
What are determinants?
The representation of supply on a graph.
What is the supply curve?
In the summertime, mangoes are high in demand. Producers will try to have the supply match the demand.
What is market equilibrium?
Following the COVID-19 lockdown, this item experienced a major increase in demand.
What are face masks?
Demonstrates visually how the decreasing price for a product increases the quantity purchased.
What is the demand curve?
Factors, other than price, that can influence supply and demand, causing shifts in the supply and demand curves
What are non-price determinants?
A term that describes how much the quantity that is supplied responds to a price change
What is price elasticity?
Buyers are able to buy the quantity they want to buy, and sellers are able to sell the quantity they want to sell.
What is its effect on consumers?
The decision you have to make between continuing to buy your favorite snack (even after a price increases) versus beginning to purchase an alternative.
What is a substitution?
When consumers will continue to purchase gas, no matter how much the price rises.
What is price inelasticity?
Price, expectations, tastes and preferences, prices of related goods and services, and income
What are the five main shifters?