Black Friday
type of demand curve that shows the total demand of a community / group
market demand curve
products that increase the use of other products
complements
While it's the buyer's goal to spend the least amount of money, what is the goal of the suppliers?
maximize profits / make the MOST amount of money possible
an increase in government regulation will do what to supply?
"'Cause there we are again on that little town street
You almost ran the red 'cause you were lookin' over at me"
"All too well" -Taylor Swift
decrease in additional satisfaction as additional units of a product are acquired.
diminishing marginal utility
amount of a product a producer would be willing to offer for sale at all possible prices in a market.
supply
the main variable input in a short run
labor
a decrease in number of consumers in a market will do what to demand?
decrease
Take Jimmy Johnson, take Tommy Thompson
Take my best friend Bo
Take anybody that you want as, long as she don't go
"Don't take the girl" - Tim McGraw
in the world of food business, steaks and steak knives sales are ______ of one another.
complements
combination of quantities that someone would be willing and able to buy over a range of possible prices at a given moment
demand
a payment to an individual or business to encourage a certain type of economic activity
subsidy
a rumor or bad review will shift the demand curve to the left. which demand-changing factor is this an example of?
consumer trends
"She like the way that I dance
She like the way that I move
She like the way that I rock
She like the way that I woo"
"Dior" - Pop Smoke
items that cannot be substituted or put off to a later date
inelastic items
a production period so brief that only the amount of variable input can be changed.
short run
state the law of supply
as price goes up, quantity supplied goes up
an increase in the price of the substitute will affect the primary product?
increase in demand
"I've been cheated by you since I don't know when
So I made up my mind, it must come to an end"
"Mamma Mia!" -ABBA
the change in quantity demanded because of a change in price that alters consumers' income
income effect
stage of production where output increases, but at a decreasing rate as more units of variable inputs are added.
diminishing returns.
stage of production in which total output increases, and so does marginal product
stage 1
within technological breakthroughs, if the supply curve shifts left, and then to the right, this is showing what?
the piece of technology becoming successful.
"Hood phenomenon, the Lebron of rhyme
Hard to be humble when you stuntin' on a jumbotron"
"Devil in a new dress" -Kanye West