CHAPTER 4 SUPPLY AND DEMAND
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
|
|
||||
---|---|---|---|---|---|
complementary goods | goods that are used together (as the price of one rises, the demand for the other falls)
🗑
|
||||
demand | the quantities of a wall-defined commodity that consumers are willing and able to buy at each possible price during a given period of time, ceteris paribus
🗑
|
||||
demand curve | a graph of a demand schedule that measures price on the vertical axis and quantity demanded on the horizontal axis
🗑
|
||||
demand schedule | a list of table of the prices and the corresponding quantities demanded of a particular good or service
🗑
|
||||
determinants of demand | factors other than the price of the good that influence demand - income, tastes, prices of related foods and services, expectations, and number of buyers
🗑
|
||||
disequilibrium | a point at which quantity demanded and quantity supplied are not equal at a particular price
🗑
|
||||
equilibrium | the point at which quantity demanded and quantity supplied are equal at a particular price
🗑
|
||||
exchange rate | the price of one country’s money in terms of another country’s money
🗑
|
||||
determinants of supply | factors other than the price of the good that influence supply—prices of resources, technology and productivity, expectations of producers, number of producers, and the prices of related goods and services
🗑
|
||||
inferior goods | goods for which demand decreases as income increases
🗑
|
||||
law of demand | as the price of a good or service rises (falls), the quantity of that good or service that people are willing and able to purchase during a particular period of time falls (rises), ceteris paribus
🗑
|
||||
law of supply | as the price of a good or service that producers are willing and able to offer for sale during a particular period of time rises (falls) , the quantity of that good or service supplied rises (falls), ceteris paribus
🗑
|
||||
market | a place or service that enables buyers and sellers to exchange goods and services
🗑
|
||||
normal goods | goods for which demand increases as income increases
🗑
|
||||
price ceiling | a situation where the price is not allowed to rise above a certain level
🗑
|
||||
price floor | a situation where the price is not allowed to decrease below a certain level
🗑
|
||||
productivity | the quantity of output produced per unit of resource
🗑
|
||||
quantity demanded | the amount of a product that people are willing and able to purchase at a specific price
🗑
|
||||
quantity supplied | the amount sellers are willing and able to offer at a given price, during a given period of time, everything else held constant
🗑
|
||||
shortage | a quantity supplied that is smaller than the quantity demanded at a given price
🗑
|
||||
substitute goods | goods that can be used in place of each other (as the price of one rises, the demand for the other rises)
🗑
|
||||
supply | the amount of a good or service that producers are willing and able to offer for sale at each possible price during a period of time, ceteris paribus
🗑
|
||||
supply curve | a graph of a supply schedule that measures price on the vertical axis and quantity supplied on the horizontal axis
🗑
|
||||
supply schedule | a list or table of prices and corresponding quantities supplied of a particular good or service
🗑
|
||||
surplus | a quantity supplied that is larger than the quantity demanded at a given price
🗑
|
||||
🗑
|
|||||
🗑
|
Review the information in the table. When you are ready to quiz yourself you can hide individual columns or the entire table. Then you can click on the empty cells to reveal the answer. Try to recall what will be displayed before clicking the empty cell.
To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.
Normal Size Small Size show me how
Normal Size Small Size show me how
Created by:
t16bcry
Popular Finance sets