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Definitions
Determinants
Supply & Demand
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100
What is it called when more of a good or service is consumed and less satisfaction is received per unit?
Diminishing marginal utility
100

What are the determinants of supply? (name 4)

  1. Input Prices

  2. Prices of Related Goods or Services

  3. Producer Expectations

  4. Number of Producers

  5. Technology

  6. Government Actions 

100
Why is the demand curve downward sloping?
1) income effect 2) substitution effect 3) law of diminishing marginal utility
100
What is the difference between a shift and a movement?
Shift moves the entire demand or supply curve and a movement just moves to a different point on the same curve.
100

What day is October 9th in South Korea?

Hangeul Day

200
What is it called when consumers feel wealthier because of a decrease in the price of a good or service, quantity demanded increases, and if price increases, consumers feel less wealthy, and quantity demanded decreases?
the Income Effect
200

What are the 5 shifters of demand?

Future expectations, income, price of related goods (substitutes and complements), number of consumers, tastes and preferences

200
What is technology a shifter of?
Supply
200
What is the unintended result of a price floor?
A surplus
200

Who is the author/creator of Review Econ?

Jacob Reed

300
What is it called when price increases, consumers look for substitutes and quantity demanded of the more expensive good decreases?
Substitution Effect
300

In a competitive market, how or who sets the price? 

The price is set by the intersection of supply and demand. 

300
What is the Law of Demand?
All else being equal, as the price of a product increases(↑), quantity demanded falls(↓); likewise, as the price of a product decreases(↓), quantity demanded increases(↑).There is an INVERSE relationship between quantity demand and its price.
300
What is the unintended result of a price ceiling?
A shortage
300

When is the AP Micro exam?

Tuesday, May 4th, 2027

400
What/where is a price floor?
A minimum set price, above equilibrium
400

What are the determinants of demand elasticity? (name 2)

Number of substitutes available, necessity vs luxury, time, percentage of income

400
What 3 things determine the inverse relationship between price and quantity for demand?
The substitution effect, the income effect, diminishing marginal utility
400

What occurs when the world price (Pw) is above the Price Equilibrium (Pe)?

That country will export the good. 

400

What is happening Tuesday October 13th, 2026?

AP Micro Unit 2 Summative

500
What/where is a price ceiling?
A maximum set price, below equilibrium
500
What causes a movement?
a change in price level
500
What is the Law of Supply?
All other factors being equal, as the price of a good or service increases, the quantity of goods or services that suppliers offer will increase, and vice versa.
500

What is an inferior good?

A product that people buy less of when their income increases / A product people buy more of when their income decreases

500

What is a key difference between a quota and a tariff?

Tariffs generate revenue for the government. A tariff is an import tax and a quota is a set limit on the amount of imports.