Demand
the want and the ability to pay for it.
Demand
the amount of goods and services available.
Supply
The point at which quantity demanded and quantity supplied are equal
Equilibrium
How sensitive consumers are to price change
Elasticity of demand
What way will a supply curve shift when production technology improves
It will shift to the Right (Increase)
states that consumers buy more of a good when its price is decreases and buy less when its price increases
The Law of Demand
the principle that suppliers will produce larger quantities of goods at higher prices and less at lower prices
Law of Supply
If the market price or quantity supplied is anywhere but at the equilibrium price, the market is in a state called
Disequilibrium
Any expense that goes into making a product
Production Cost
It will shift left (Decrease)
The INSECTS term for when people react to an increase in price by consuming less of that good and more of other goods
The subsitituion effect
a table that lists how much of a good a individual supplier will offer at different prices.
Supply schedule
An example of a Price Floor
Minimum Wage
Fixed cost+Variable Cost=?
Total Cost
The government increases subsidies on electric vehicles
Supply increases, supply curve shift right
This is a table that lists the quantity of a good people will buy at each different price
A demand schedule
the effect of price change on the amount of a product that a supplier makes
Supply elasticity
a maximum price that can be legally charged for a good
the additional income from selling one more product
Marginal Revenue
A new ad campaign reveals that eating SNIKERS actually gives you Split Personality Disorder
Consumers will buy less, demand curve shift left
Name the 6 reasons for a shift in Demand Curve
Income, Number of consumers, Substitition, Expectations, Complimentary, Taste/Trend, Seasonal
Name the 5 reasons for shifts in supply curves
Input Costs, Expectations, Number of Suppliers, Technology and Government
when quantity supplied exceeds quantity demanded
Excess Supply
First team to draw out a supply and demand curve on the same graph and label: Equilibrium, surplus, shortage.
Bonus points if you can label where price ceiling and price floor would be
Show your raphs
WHAT ARE THE 3 SECTIONS WE HAVE WORKED ON SO FAR IN OUR PERSONAL FINANCE FLIPBOOK
BUDGET
INTEREST
S.M.A.R.T GOALS