Demand
there is an inverse relationship between the price of a good and the quantity demanded, meaning that as the price of a good increases, the quantity demanded by consumers will decrease, and vice versa, assuming all other factors remain constant
What is law of demand?
The amount of a good or service that producers are willing and able to offer for sale at all prices in a given period
What is supply
When people are getting more income the demand curve shifts in this direction.
What is increase or to the right?
An increase in the cost of production will cause the supply curve to do this.
What is decrease or shift left?
What can you catch but not throw?
A cold.
The law of demand states there is this kind of relationship between price and quantity
What is inverse relationship?
Producers will produce and sell more of a product when the price does this.
What is increase price
This is change is when consumers are following a trend or a fad such as buying fidget spinners.
What is change in consumer tastes and preferences?
If more producers enter into a market this will happen to that market's supply curve.
What is increase or shift right?
What kind of coat can be put on only when wet?
Paint
Increase in demand is shown by demand curve when
What is the demand curve shifts right?
The law of supply states that price and quantity have this kind of relationship.
What is a direct relationship? (as quantity rises, price rises)
If consumers expect that the price of bottled water will increase at the end of the month their demand curve will do this for bottled water now.
What is increase or shift to the right
If the government increases subsidies for Apple, this will happen to Apple's supply curve.
What is increase or shift right?
What do race car drivers eat for lunch?
Fast food.
This causes a movement along a demand curve, NOT a shift
What is change in price?
The only factor that causes a change in quantity supplied
What is change in price?
An increase in the price of Lay's potato chips will cause the demand curve for Ruffles to do this.
What is increase?
If there is a decrease in the supply curve the price will do this.
What is increase?
A man while looking at a photograph said, "Brothers and sisters I have none, but that man's father is my father's son." Who was the person in the photograph?
His son
If you have an increase in your income you will buy less of this type of good (specific vocabulary)
What are inferior goods?
The market is shoes. If the government subsidizes the producers of shoes, what will happen to the price and quantity of shoes?
Price decrease, quantity increase
Peanut butter and jelly are complementary goods. If the price of peanut butter decreases this will happen to the price and quantity of jelly.
Price increase, quantity increase. (demand increases)
If the price of vanilla frosted donuts goes up compared to chocolate frosted donuts, Dunkin' Donuts would likely do this.
What is increase the supply of vanilla frosted donuts.
Continue the the following letter series:
o t t f f s s _ _ _
e n t