vocab
the part of the earth's surface that is not covered by water, as opposed to the sea or the air.
What is increase in supply
What is increase in supplyustrated by a shift of the supply curve to the right. An increase in supply can be caused by: an increase in the number of producers. a decrease in the costs of production (such as higher prices for oil, labor, or other factors of production).
What is the demand schedule
What is demand schedule?The demand schedule, in economics, is a table of the quantity demanded of a good at different price levels. Given the price level, it is easy to determine the expected quantity demanded.
What is economics
the branch of knowledge concerned with the production, consumption, and transfer of wealth
What happens if the price of a candy goes down?
Demand goes up
supply goes down
What is shift?
move or cause to move from one place to another, especially over a small distance.
What is law of supply?
What is law of supply?
direct relationship between price and quantity; quantities respond in the same direction as price changes.
What is law of demand?
The law of demand is microeconomic law that states, all other factors being equal, as the price of a good or service increases, consumer demand for the good or service will decrease, and vice versa.
What is opportunity cost
the cost of the next best alternate use of money, time or resources when a choice is made rather than another
What is macro Econ
the study of entire economies, focusing on large-scale, aggregate factors such as GDP, unemployment rates, inflation, and national income
What is market failure?
In economics, market failure is a situation in which the allocation of goods and services is not efficient.
what is the supply curve?
in economics, graphic representation of the relationship between product price and quantity of product that a seller is willing and able to supply. Product price is measured on the vertical axis of the graph and quantity of product supplied on the horizontal axis.
What causes a change in demand?
Responses vary and cline will judge
all teams get a chance to respond and the team with the least points gets to pick the next category
What is equilibrium?
What is equilibrium?
a state in which opposing forces or influences are balanced.
Demand goes down
Supply Goes up
What is supply and demand?
the amount of a commodity, product, or service available and the desire of buyers for it, considered as factors regulating its price.
What happens to price if supply is drastically decreased?
What is demand curve?
a graph showing how the demand for a commodity or service varies with changes in its price.
What are The 3 Key Economic Questions
What are The 3 Key Economic Questions
Who – consumes the goods & services produced in society? What –goods & services should be produced? How – should goods & services be produced?
What happens when price goes up for an inelastic good?
Demand stays the same, supply goes up as it is able.
What is scarcity
the state of being scarce or in short supply; shortage.
What causes a deviation in the supply price relationship
What is demand?
Demand is the needs or wants of the consumer in the micro and macro enconmy
Define Micro Economics and give example
the study of how individuals, households, and firms make decisions to allocate scarce resources, focusing on specific markets, consumer behavior, and price determination.
Give an example of a role that the government plays in the economy
Cline judges