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Terms
"Term"inator 2
Shifts
"Term"inator 3!
100
A demand schedule placed on a graph is known as this
What is a demand curve?
100
Coke & Pepsi
What is substitutes?
100
Remember, this shifts the quantity supplied/demanded, not the supply/demand curve itself.
What is shift in price?
100
When your income increases, you consume more of these types of goods
What are normal goods?
200
When the price of pizza rises, you decide to buy some tacos and a salad. The incentive to buy these alternatives is known as this.
What is the substitution effect?
200
Coke, french fries and a burger
What is compliments?
200
A nickname Tyler has picked up over the last few days
What is a shrimp?
200
You used to eat fresh pho, but you are going to Disneyland in Tokyo with your girlfriend next week so now you are eating ramen noodles. Ramen noodles are this type of good.
What are inferior goods?
300
The price of pizza goes up. You don't buy more of other goods because their price goes up as well. If you buy fewer slices of pizza without increasing purchases of other goods, it is known as this.
What is the income effect?
300
Supply schedule + supply schedule + supply schedule + ... + ... = this.
What is market supply?
300
Resources (Price & Availability) Sellers (Amount of competitors) Technology Govt Action (Taxes and Subsidies) Opportunity Cost of Other Products Expectations of Future Profits
What is supply shifters?
300
QS = QD
What is equilibrium?
400
Frozen
What is ceteris paribus?
400
Direct (positive relationship) between price and quantity produced
What is the law of supply?
400
A formal organization of producers that agree to coordinate prices and production.
What is a a cartel?
400
These cause the supply to increase (shift to the right). They interfere with the free market because its direct government involvement.
What is a subsidy?
500
These are the two factors that determine supply and demand
What is "willing and able"?
500
Disneyland sells a 5 day pass for $100 and a 6 day pass for $105 because of this law, stating you get less use out of a good the more you consume it (demand goes down).
What is the law of diminishing utility?
500
Income Expectations Related Goods (Substitutes & Compliments) Population Tastes
What are demand shifters?
500
Shortage and surplus are both examples of this.
What is disequilibrium?