front 1 Demand | back 1 the amount of some good or service consumers are willing and able to purchase at each price |
front 2 Price | back 2 what a buyer pays for a unit of the specific good or service |
front 3 Quantity demanded | back 3 the total number of units of a good or service consumers are willing to purchase at a given price |
front 4 Law of demand | back 4 keeping all other variables that affect demand constant |
front 5 If price goes UP, then | back 5 quantity demanded goes DOWN |
front 6 If price goes DOWN, then | back 6 quantity demanded goes UP |
front 7 Demand schedule | back 7 a table that shows a range or prices for a certain good or service and the quantity demanded at each price |
front 8 Demand curve | back 8 a graphic representation of relationship between price and quantity demanded of a certain good or service |
front 9 Quantity is on the ___ axis | back 9 X |
front 10 Price is on the ___ axis | back 10 y |
front 11 Supply | back 11 the amount of some good or service a producer is willing to supply at each price |
front 12 Quantity supplied | back 12 the total number of units of a good or service producers are willing to sell at a given price |
front 13 If quantity supplied goes UP, then | back 13 price goes up |
front 14 If quantity supplied goes DOWN | back 14 then price goes down |
front 15 Supply schedule | back 15 a table that shows the quantity supplied at a range of different prices |
front 16 Supply curve | back 16 contains relationship between price and quantity |
front 17 Quantity is shown on the (Supply Curve) | back 17 x axis |
front 18 Price is shown on the (Supply Curve) | back 18 y axis |
front 19 Equilibrium | back 19 the combo of price and quantity where there is no economic pressure form surpluses or shortages |
front 20 quality demanded equals | back 20 quantity supplied |
front 21 Equilibrium price | back 21 price where quantity demanded is equal to quantity supplied |
front 22 Equilibrium quantity | back 22 the quantity at which quantity demanded and quantity supplied are equal for a certain price |
front 23 Surplus | back 23 quantity supplied exceeds the quantity demanded |
front 24 Shortage | back 24 quantity demanded exceeds quantity supplied |
front 25 The price below equilibrium | back 25 is excess demand |
front 26 The price above equilibrium | back 26 is excess supply |
front 27 Ceteris paribus | back 27 other things being equal |
front 28 Shift in demand happens | back 28 when a change in some economic factr causes a different quantity to be demanded at every price |
front 29 Examples of a shift in demand | back 29 income, changing taste, expectations about future, etc |
front 30 Normal good | back 30 a product whose demand rises when income rises |
front 31 Inferior good | back 31 product when demand falls when income rises |
front 32 Substitute | back 32 a good or service that can replace another good or service |
front 33 Complements | back 33 goods or services that are often used together so that consumption of one good tends to enhance consumption of another |
front 34 Shift in supply | back 34 when a change in some economic factor causes a different quqantity to be supplied at every price |
front 35 Inputs or factors of production | back 35 combination of labor, materials, and machinery to produce goods and services |
front 36 Factors that affect supply | back 36 Nature, input prices, technology, government policies |
front 37 price controls | back 37 laws that governments enact to regulate prices |
front 38 price ceiling | back 38 keeps a price form rising above a certain level |
front 39 price floor | back 39 keeps a price form falling below a given level |
front 40 consumer surplus | back 40 the amount that individuals would have been willing to pay minus the amount that they actually payed |
front 41 producer surplus | back 41 the price the producer actually received minus the price the producer would be willing to accept |
front 42 total surplus = | back 42 consumer surplus + surplus |
front 43 deadweight loss | back 43 the loss in social surplus that occurs when a market produes an inefficient quantity |