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Demand
Supply
Supply and Demand
Price
100

If the demand curve shifts to the right from D1 to D2, which is...

increase in demand

100

What relationship exists between supply and price? What law indicates this relationship?

Positive relationship, Law of Supply

100
When we are studying the behaviors of buyers, what are we studying?
demand
100
What is a surplus?
When supply is greater than demand.
200

Give an example of two complements.

peanut butter/jelly, cereal/milk, hotdogs/buns, etc.

200

Money given by the government to a business to promote a supply of certain goods, is called what?

subsidies

200

Increased government regulation like taxes will cause the supply curve to do what?

shift to the left, or decrease supply

200

What is a shortage 

When quantity demanded is greater than quantity supplied
300
Give an example of a product with elastic demand.
soda, candy, junk food, trendy clothes, ipod, dvds etc.
300

If you supply jewelry and the price of gold falls, we would expect you to do what?

increase supply of jewelry

300
A technological advancement would most affect supply or demand, and how?
supply and an increase
300

What are price mechanisms?

When prices act as a signal or an incentive for the consumers and producers to demand or supply less or more of a good or service. 

400
What causes a change in the quantity demanded?
price
400
If two new cupcake shops open in your town, how does this affect supply? What factor is this?
increases supply and number of sellers
400
Consumers’ willingness to replace a costly item with a less costly generic item is an example of what?
substitution
400

What is the equation that is occurring at the equilibrium? 

Quantity Demanded = Quantity Supplied

500

George is running a pizza shop and decides to film a commercial with Gordan Ramsey promoting his store. Which factor of demand would this affect?

Consumer Tastes.

500
If the price of iron decreases, how would it change the graph about the supply of construction beams? What factor is this?
increase supply cost of inputs
500

What type of relationship exists between demand and price, and what do we call this relationship?

inverse relationship, Law of Demand.

500
If there is a shortage in the market, what will then happen to the price?
it will begin to rise