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Demand
Elasticity of Demand
Supply
Elasticity of
Supply
Costs
100
This is the amount of a good or service that a consumer is willing and able to buy at a given time.*
What is demand?
100
This is the degree to which changes in a good’s price affect the quantity demanded by consumers.
What is elasticity of demand?
100
This is the quantity of goods and services that producers are willing to offer at various possible prices during a given time period.
What is supply?
100
This is the degree to which price changes affect the quantity supplied.
What is elasticity of supply?
100
These are costs that do not change.
What are fixed costs?
200
This law states that an increase in a good’s price causes a decrease in the quantity demanded.
What is the Law of Demand?
200
This exists when a small change in a good’s price causes a major change in quantity demanded.
What is elastic demand.
200
This laws states that producers supply more goods and services when they can sell them at higher prices.
What is the Law of Supply?
200
This exists when a small change in price causes a major change in the quantity supplied.
What is elastic supply?
200
These are costs that change with the level of output.
What are variable costs?
300

How is future price related to current demand?

If the price is expected to rise, current demand will rise. 

300

A good that might not be bought when prices rise

What is a luxury good?

300
This is the amount of money remaining after producers have paid all of their costs and is what all businesses strive to make.
What is a profit?
300
This exists when a change in a good’s price has little impact of the quantity supplied.
What is inelastic supply?
300

The most expensive variable costs on a business. 

What is employees?

400

The kind of system the United States economy is based on. 

What is market economy?

400
This exists when change in a good’s price has little impact of the quantity demanded.
What is inelastic demand?
400
When sales of a product drop due to competition, producers often reduce this.
What is supply?
400
All of the product a company makes in a given period of time, with a given amount of input.
What is Total Product?
400
This is the sum of the fixed and variable costs.
What are total costs?
500
Examples of changes in demand for a country with a young growing population. 

Multiple answers can be correct

Examples: Demand for shelter, demand for food, demand for jobs

500
A small change in a business’ total revenue because of a price increase indicates this.
What is inelastic demand?
500
Business make a profit when revenue is greater than this.
What are costs of production?
500

What factor has the greatest influence on elasticity and inelasticity if supply? 

What is profit?

500
These are the additional costs of producing one more unit of output.
What are marginal costs?