Demand
Demand Continued
Supply
Supply and Demand
Random
100
The amount goods or services consumers will pay at various prices
What is Demand
100
On a demand curve, what does the x-axis represent
What is quantity demanded
100
The amount of a good or service that producers are able and willing to sell at various prices
What is Supply
100
if a good becomes popular or fashionable, what will happen with the demand for the good
What is Increase
100
What is the FDA
What is Food and Drug Administration
200
Economic rule stating that quantity demanded and price move in opposite directions
What is The Law of Demand
200
What happened from the first demand curve to the second (D0 to D1)
What is Demand Increased
200
Economic rule stating that the price and quantity supplied move in the same direction
What is Law of Supply
200
Situation in which quantity demanded is greater that quantity supplied
What is Shortage
200
If output prices are considered "too low", what policy tool might governments consider to help this situation?
Price Floors!
300
What is the downward slope in the graph
What is Demand Curve
300
__ are goods that are used together
What is Complementary goods
300
The amount of a good or service that a producer is willing to supply at a specific price
What is Quantity Supplied
300
Situation in which quantity supplied is greater than quantity demanded
What is Surplus
300
Branch of economic theory dealing with behavior and decision making on a small scale
What is Microeconomics
400
What usually happens to the price when there is a shortage
What is Rise
400
Which economic term describes the actions that people perform for us that are bought and sold
What are services
400
What is the upward slope in the graph
What is Supply Curve
400
if the price of a good or service increases, what will happen to the demand for it
What is Decrease
400
What is a good that can take the place of another good
What is substitute good
500
The cost of the next best alternative use of time and money
What is Opportunity Cost
500
At which point does price and demand meet
What is Equilibrium Price
500
Technology/Productivity, Cost of Inputs/Factors of Production, Number of Sellers, Producer Expectations, Government, Price of Related Goods, and Weather/Natural Disasters are called What
Determinates of Supply
500
The supply curve relationship shows (Think Price and Quantity Relationship)
That Price and Quantity Supplied are positively related.
500
Was the most recent "egg prices" problem primarily driven by supply or demand issues?
Supply