Supply & Demand
What's supply?
The quantity of a good or service available for sale at various prices.
This term means unlimited wants but limited resources.
Scarcity
If the price of a product increases, the quantity demanded usually does this.
Decrease
This is the money people use to buy goods and services.
Currency (money)
What sports did i play (on a team) when i was younger(4 k-12th grade), there are 4 sports
basketball, soccer, baseball, and football
Whats demand?
The measure of a consumer's willingness and ability to purchase a good or service at a given price.
The cost of the next best alternative when a choice is made.
Opportunity cost
If consumer income increases, demand for normal goods usually does this.
Increase
This is what people pay to the government to fund public services.
Taxes
Whats my favorite color?
Blue
What is a downward sloping curve called?
demand curve
A sustained rise in the general price level of goods and services.
It's inflation
If the cost of production increases, the supply curve shifts in this direction.
Left (decrease in supply)
This is the place where buyers and sellers meet to exchange goods.
Market
How old am I?
I am 22
What is a upward sloping curve called?
short run aggregate supply curve
This term describes the money people earn from working or investments.
It's income
f the price of a substitute good increases, demand for the original good usually does this.
Increase
This is the term for goods made to satisfy human wants, like food or clothing.
Consumer goods
True or False: I have a sibling or siblings?
True, I have a sister
This occurs when the quantity supplied is greater than the quantity demanded at a given price.
It's surplus
This is the total amount of money earned by all households in an economy.
It's national income?
If the price of a complementary good increases, demand for the related good usually does this.
Decrease
This is the term for people who make goods or provide services.
Producers
True or False: I drink coffee every morning.
False, I don't drink coffee everyday, but only sometimes