Show:
Supply
Demand
Things
Stuff
How Bow Dah?
100
the willingness and ability of producers to offer a good for sale
SUPPLY
100
A table that shows how much of a good ALL consumers are willing to buy is called:
MARKET DEMAND SCHEDULE
100
When a change in price, up or down, leads to little or no change in quantity, this is called:
INELASTIC
100
If you were to add the fixed costs and variable costs you would get...
TOTAL COSTS
100
A government system for allocating goods using criteria other than price
RATIONING
200
A supply schedule is a...
table (chart)
200
If demand is said to be not perfectly vertical, but close to a vertical line, it is called...
RELATIVELY INELASTIC
200
The legal maximum price that sellers may charge for a product is called:
PRICE CEILING
200
the legal minimum that an employer must pay for an hour of work
MINIMUM WAGE
200
when the quantity of supply is greater than quantity demanded...
SURPLUS
300
A supply curve is a...
graph
300
when the price of a good falls, consumers buy more of it
LAW OF DEMAND
300
When each new worker adds more to total output than the last…
INCREASING RETURNS
300
when each worker is focused on a particular facet of production
SPECIALIZATION
300
25. When a market structure is missing one of the necessary components, it is:
IMPERFECT COMPETITION
400
producers sell more quantities at a higher price than at a lower price
LAW OF SUPPLY
400
The more you consume of anything, the less satisfaction you receive from a given good or service is referred to as the:
LAW OF DIMINISHING MARGINAL UTILITY
400
The cost of using one more unit of a good or service is:
MARGINAL COST
400
If Demand decreases or Supply increases, equilibrium price…
DECREASES
400
the illegal buying and selling in violation of price controls
BLACK MARKET
500
Shifters of Supply?
1) technology 2) market size (# of producers) 3) Resources Prices 4) Taxes & Subsidies (government action) 5) future expectations
500
Shifters of Demand?
1) Consumer tastes/expectations 2) market size (# of consumers) 3) prices of related goods (substitutes/complements) 4) Income (normal and inferior goods) 5) future expectations
500
the change in the amount consumers buy because of income change
INCOME EFFECT
500
The amount of goods or services a person can produce in a given time:
LABOR PRODUCTIVITY
500
If supply and demand curves shift simultaneously (same time) and the equilibrium price is a number, the equilibrium quantity is said to be...
INDETERMINATE