Vocabulary
the people or businesses that provide goods and services.
producers
Who controls the prices in a command economy?
Who are government officials?
As the price of a good or service goes down, producers tend to supply _________
What is less?
Businesses tend to _________ production when demand is high
What is increase?
Rachael is selling baked bees for $6 per jar, but no one is buying them! What action does this signal that Rachael needs to take?
What is decreasing the price?
the people who buy goods and services
consumers
What two things may happen when the market price is lower or higher than the equilibrium price?
What are shortage and surplus?
Lower production costs leads to _______ supply
What is higher?
people tend to demand _____ when the price is low and ______ when the price is high
What is more and less?
Sora invented a technology that would make the cost of producing human clones only 5 cents. This would ___________ the supply of clones.
What is increase?
a place where buyers and sellers of the same good or service come together
What is a market?
What does the marketplace use to set the price for a good or service?
What is equilibrium price?
What two factors affect supply?
What are number of suppliers, costs of productions?
Three factors that effect demand
What is number of consumers, consumer income, and change in consumer preferences
Remi suddenly becomes famous and now everyone in the country desperately wants one of her drawings. Remi now has a __________ of drawings.
What is a shortage?
the amount of a good or service that people (consumers) are willing and able to buy at various prices during a given time period.
What is demand?
What determines what consumers products are produced for?
What is price?
When there are fewer suppliers, price tends to go _____
What is up?
What happens to demand if all jobs evaporate?
What is decreases?
If Jozlyss has 1 cent in her wallet and wants to buy 122 yards of yarn at the cost of $2, does this affect the amount of demand there is for that yarn?
What is no?
the amount of a good or service that producers are willing and able to sell at various prices during a given time period
What is supply?
This keeps the price of a good or service at or near a certain level
What is competition?
The slope of the supply curve goes in the ________ direction as the demand curve
What is opposite?
What happens to the equilibrium price when the demand curve shifts left?
What is decreases?
Amelia is selling a special type of coffee ground, when one day, half of her coffee grounds are mysterious devoured by a band of stray cats. The supply curve for the coffee grounds shifts _____
What is left?
where demand and supply are balanced
What is equilibrium price?
Markets support our _____________ ___________ system
What is democratic political?
This happens to supply as cost goes down
What is decreases?
Four parts of the definition of demand
What is amount, price, willingness to buy, and ability to buy?
Jazmine goes into business selling red goat hair. She sells red goat hair at $100 a gram. Creative Bagel sees the lucrativeness of this business and decides to go into it herself. Then Z goes into it too. And then every other member of the Tea Club. What will likely happen to the price of red goat hair, if anything?
What is decreases?