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Supply
Demand
Situations
Bonus
Vocabulary
100
A stock of a resource from which a person or place can be provided with the necessary amount of that resource.
What is supply?
100
An economic principle that describes a consumer's desire and willingness to pay a price for a specific good or service.
What is demand?
100
When cost is increased
What is a decrease in supply?
100
The branch of knowledge concerned with the production, consumption, and transfer of wealth.
What is economics?
100
A person doing unskilled manual work for wages.
What is a laborer?
200
A fundamental principle of economic theory which states that, all else equal, an increase in price results in an increase in quantity supplied.
What is Law of Supply?
200

Give an example of a commodity or service that is provided without profit to all members of a society, either by the government or a private individual or organization.

What is Street lighting, National defense, Public Parks, Clean air, etc..?

200
Price goes down.
When supply goes up what goes down?
200

When new sellers enter the market, this happens to overall market supply.
 

What is supply increases (shifts right)?

200

The government may provide these financial supports to hospitals to help reduce the cost of healthcare and ensure access for low-income patients.

What are subsidies?

300

The amount of a good that sellers are willing and able to sell at different prices is called this.

What is a supply?

300
States that," 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 (↑)".
What is Law of Demand?
300
When this shifts, there has been a change in demand.
What is demand curve?
300
The intent to achieve monetary gain in a transaction or material endeavor.
What is a profit motive?
300

This type of good experiences increased demand when the price of a related good falls example, think peanut butter and jelly.

What is a complementary good?

400

This term describes a change in the quantity supplied caused by a change in the price of the good, shown as movement along the supply curve.

What is a change in quantity supplied?

400

If two goods are substitutes, an increase in the price of one causes this to happen to the demand for the other.

What is a demand increases?

400
When supply meets demand.
What is equilibrium?
400

Government subsidies to farmers are intended to shift this curve to the right.

What is the supply curve?

400

If the price of coffee increases and the demand for tea rises, the two goods are this.

What are substitutes?

500

When suppliers expect prices to rise in the future, this happens to the current supply in the market.

What is current supply decreases (shift left)?

500

When consumers expect the price of a good to increase in the future, this generally happens to current demand.

What is demand increases?

500
As producers enter and exit the market, the number of ________ of a particular good changes, directly influencing supply
What are sellers?
500
The basic physical and organizational structures and facilities (e.g., buildings, roads, and power supplies) needed for the operation of a society or enterprise.
What is infrastructure?
500

The government helps businesses such as farmers by providing these payments to encourage production and reduce costs.

What are subsidies?