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 or 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 steak because of a _______ in income last year.
decrease
A decrease in the supply curve means the curve moves closer to the __________.
y-axis
According to the demand curve, as price increases, quantity ___________________.
decreases
What two factors make up a supply and demand chart?
price and quantity
Elastic demand is very sensitive to what?
Rise in price
Demand for airline tickets to travel overseas was high this summer due to a _________ in income last summer.
increase
According to the supply curve, as price increases, quantity ___________________.
increases
A product that must be used in conjunction with another product
Complement
What do stores 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 Hamas, the 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 quantity demanded is a ________ in the demand curve.
Shift
Why can equilibrium always be achieved?
You can always adjust the price.
The point at which one more worker Increases productivity at a decreasing rate.
Point of Diminishing Returns
_________ is the a Latin phrase economists use meaning, " all other things held constant."
Ceteris Paribus