Supply
Supply is from the perspective of the ___________
Producer or Supplier
Demand is from the perspective of the ____________
Comsumer or buyer
Where is the point where the demand curve and supply curve cross?
Equilibrium
What is a complement to cereal?
Milk
Would there be a surplus of shortage of Taylor Swift tickets if the arena where she was performing set a price ceiling?
Shortage
This is the main goal of a supplier.
To make money or maximize profits
This is the largest factor in determining demand.
Price
What do stores do that have excess supply?
Have a sale or discount
When prices rise, people feel poorer. This is termed the ______________ effect.
Income
Europeans demanded less heating oil because of a _______ winter last year.
Warm or mild
A decrease in the supply curve means the curve moves closer to the __________.
y-axis or towards Price
The demand curve increases in quantity as price _______
Decreases
What two factors make up a supply and demand chart?
price and quantity
Elastic demand is very sensitive to what?
Price
Demand for airline tickets to travel overseas was high last summer due to a _________ dollar.
Strong
According to the supply curve, as quantity increases, price ___________________
Increases
A product that is typically used in conjunction with another product
Complement
What do stores typically do when they have excess demand?
Raise the price
Minimum wage is considered a price _______ because it is the lowest wage allowed by law.
Floor
With the war between Israel and Lebanon, an economic concern is that the price of gas will ____________ due to disruptions in supply.
Increase
A movement along the curve is referred to as _______ in _______ supplied.
Change, Quantity
Another term for a change in demand is a ________ in the demand curve.
Shift
What does a market often gravitate towards despite a price ceiling or price floor?
Equilibrium
The point at which one more worker increases productivity at a decreasing rate.
Point of Diminishing Returns
_________ is the Latin phrase economists use meaning, "all other things held constant."
Ceteris Paribus