E1
This person is bound to his creditor
Debtor
Credit is best when used for?
Investments
Principles of Economics
The price at which the meeting of minds occur?
Market equilibrium price
A rightward shift of supply would be?
Increase in supply
This represents an agreement between the buyer and the seller?
Market Price
Just as a demand curve may shift a supply curve may shift to reflect
Changes in supply
Failure to pay on your loan is considered
Default
When having debt you owe _______ and ______
Principle and Interest
If a product is priced above the market equilibrium price a what will occur?
Surplus
A leftward shift indicates
decrease in supply
Election
As a business owner you would recognize such table as a?
Supply Schedule
Failure to pay the government can result in your wages being?
Garnished
______ and ______ will increase in demand when we have bad weather.
Bread and Milk
Architect of the Demand and Supply Model
Alfred Marshall
This prevents prices from rising to the market equilibrium price?
Price ceilings
______ demand for certain products during hurricane season causes the prices of those products to rise.
High
_______ are positively sloped
Supply curve
_____ technology sometimes leads people to only see what they gain
New
The higher the price buyers are willing to pay, the greater the quantity of a product a firm will produce is called?
Law of Supply
The critical intersection point at which both parties agree is?
Market equilibrium point
Price floor
When various factors hold the price of a good lower than its market equilibrium price a _______ occurs
Shortage
Whenever a change in the price consumers are willing to pay causes a change in the number of goods produced and sold what occurs?
Change in quantity supplied