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Supply
Demand
Elasticity
Definitions and Shifts
Random
100
This law holds that producers will normally offer more for sale at higher prices and less at lower prices
What is the law of supply
100
This is a table that lists the various quantities of a product or service that someone is willing buy over a range of possible prices
What is a demand schedule
100
A change in price creates very little change in demand
What is ineleastic demand
100
This is the amount by which the quantity supplied is higher than the quantity demanded
What is a surplus
100
In our economy, this forms the basis of economic decisions
What is price
200
Name one reason why the supply curve slopes upward
What are costs and profit
200
According to this, the quantity demanded and price move in opposite directions
What is the law of demand
200
If more of these are available, then demand is more elastic
What are substitutes
200
This is the amount by which the quantity demanded is higher than the quantity supplied
What is a shortage
200
In a competitive market, a seller will do this to end a surplus
What is lower their price
300
If resource costs go up, supply will...
What is go down
300
We buy products for this-- the pleasure, usefulness, or satisfaction they give us
What is utility
300
If price has a significant impact on the consumer's budget, demand is more elastic. This is known as
What is "price relative to income"
300
This change is supply is due to businesses considering future prices and economic conditions
What are expectations
300
This is how equilibrium is shown on a supply and demand graph
What is the point at which the supply curve crosses the demand curve
400
This shift in supply is based on improvements in production
What is technology
400
This principle says that our additional satisfaction tends to go down as we consumer more and more units
What is the principle of diminishing marginal utility
400
Insulin or an EpiPen would be an example of this type of good
What is an inelastic good
400
Name the five ways a demand curve can shift
What are buyers, income, tastes, expectations and related goods
400
Wen governments wants to ensure that "essential" goods or services are within the reach of all consumers, it may impose this
What is a price ceiling
500
Producers will incur costs as they bid resources away from this
What are alternative uses
500
When goods are complements, it is called this type of relationship because the price of one effects the demand for the other
What is an inverse relationship
500
When a product is needed immediately, it is referred to as this
What is "urgency of purchase"
500
This is a government or group-imposed price control or limit on how low a price can be charged for a product
What is a price floor
500
This is done to prevent inflation during a housing crisis
What is rent control