a stock of a resource from which a person or place can be provided with the necessary amount of that resource.
What is Supply
100
The quanity of Demand is going to go down. The curve does not shift, movement along the curve.
What happens to demand for milk if the price of milk goes up?
200
Quantity supplied
A change in price will not change the supply, but rather move along the supply curve, resulting in a change in the ____________
200
A graph showing how the demand for a commodity or service varies with changes in its price.
What is a Demand curve?
200
describes a consumer's desire and willingness to pay a price for a specific good or service. Holding all other factors constant, an increase in the price of a good or service will decrease demand, and vice versa.
What is Demand
200
A decrease in supply will occur
What will happen to the supply of gasoline if the government increases environmental regulations and requirements?
300
Cost of production
Profitability, which determined not only by product price but also by ___________
300
Product price, price of substitutes, Price of complements, income, taste, age, weather.
Quantity demand is affect by what?
300
Cost accounting is a type of accounting process that aims to capture a company's costs of production by assessing the input costs of each step of production as well as fixed costs such as depreciation of capital equipment.
What is Input cost
400
changes in cost
1) Technological Innovations
2) Input Prices
3) Expectations
4) Taxes and Subsidies
5) Entry or Exit of producers
6) Changes in opportunity cost
What are some important supply shifters?
400
1) The substitution effect
2) The income effect
3) The law of diminishing Marginal Utility
The law of demand occurs for what 3 reasons?
400
An Inverse relationship between price and quantity demand.
What is Law of Demand?
500
More,Less
____ of a good will be provided the higher its price, ____ will be provided the lower its price
500
1) Taste and preferences
2)Number of consumers
3)Price of related goods
4)Income
5)Future expectations
What are 5 shifts of Demand?
500
a fundamental principle of economic theory which states that, all else equal, an increase in price results in an increase in quantity supplied. In other words, there is a direct relationship between price and quantity: quantities respond in the same direction as price changes.
What is Law of Supply
500
taxes paid when purchases are made on a specific good, such as gasoline. Excise taxes are often included in the price of the product. There are also excise taxes on activities, such as on wagering or on highway usage by trucks.