Supply
This Economic law is when Price and Quantity move in the same direction.
The Law of Supply
This Economic law is when Price and Quantity move in the opposite directions.
Law of Demand
Movement along the curve
If the cost of resources drops, the producer can supply more at a lower production cost, so the entire supply curve would shift to the right
Cost of Production
As consumers' income increases, their demand for all products will increase.
Consumer Income
In the event that one of the determinates is a positive change in the supply of an item, a supply graph would show a shift of the curve in which direction indicates an increase in supply. Hint: Left or Right.
Right
____________is the amount of a good or service that a consumer is willing and able to buy at a specific price.
Quantity Demanded
Whether it is Supply or demand when there is a change in the curve based on a "Determinate" this creates a negative or positive _____________ of the curve.
Shift
More output with the same amount of input. Productivity increases when management trains or motivates its workers, increasing supply.
Productivity
Advertisements, change in season, peer pressure, consumer reports.
Consumer Taste
When prices are high this will incentivize producers to ___________ production of their product.
Increase
Items are ___________ when they are very responsive to a price change
Elastic
SHOW GRAPH PICTURE.....What is the name of the point where the Supply and Demand lines intersect?
Equilibrium
An improvement in ___________ will increase supply, curve shifts to the right.
Technology
Something that is similar and can take the place of another product (butter or margarine). If the price of the sub drops, demand for the original product drops.
Substitutes
_____________ is the amount of a good or service that sellers/producers are able and willing to produce/sell at various possible prices during a specified time period.
Supply
Item are __________ when they are not very responsive to a price change
Inelastic
SHOW GRAPH PICTURE.....What is the name of the area directly above the Equilibrium on a supply and demand graph? Hint Qs > Qd
Surplus
If the gov’t imposes more _______ on the production of certain items, businesses will not be willing/able to supply as much as before because the cost of production will rise.
Taxes
The way people think about the future will change their demand for a product.
Expectations
__________ is the amount of a good or service that a seller/producer is willing and able to sell/produce at any given price.
Quantity Supplied
Items are ___________ when a price change causes a proportional change in quantity demanded.
Unit Elastic
SHOW GRAPH PICTURE.....What is the name of the area directly below the Equilibrium on a supply and demand graph? Hint Qs < Qd
Shortage
Payments given by the government can help producers, increasing supply.
Subsidies
An increase in population will increase demand (new businesses open, and demand for lunch in the area will increase).
Number of Consumers