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Supply and Demand
| Question | Answer |
|---|---|
| The total amounts or quantities of something | Aggregate |
| The study of the behavior of human beings in producing, distributing, and consuming material goods and services in a world of scarce resources | Economics |
| A situation in which the ingredients for producing the things that people desire are insufficient to satisfy all wants | Scarcity |
| How much of something will be gained or lost by adding or subtracting one unit of whatever you're measuring | Marginal |
| The overall top-down view of the economy, focused on issues like unemployment, inflation, economic growth, and the balance of trade | Macroeconomics |
| The study of how individual households and firms make decisions in markets | Microeconomics |
| The more there is of a product, the less people are willing to pay for it; the less there is of something, the more people are willing to pay for it | Law of Demand |
| The amount of items that will be bought at a particular price | Quantity demanded |
| The point where quantity demanded is equal to quantity supplied | Equilibrium |
| When there is a large consumer response to a price change | Elasticity |
| Demand for a certain item can be increased or decreased by a change in price. The more flexible you are, you will end up paying less for an item; if you are inflexible, you will end up paying more | The Law of Elasticity |
| When there is a small consumer response to a price change | Inelastic |
| A situation in which the ingredients for producing the things that people desire ar insufficient to satisfy all wants | Scarcity |
| The people are willing to pay for something, the more producers are going to try to produce; the less people are willing to pay for something, the less producers are going to try to produce | The Law of Supply |
| When a good can be used in place of another one, for example, coffee and tea. The more you buy of one, the lss you buy of the other | Substitute goods |
| When two goods are used together or consumption or enjoyment, for example, coffee and cream. The more you buy of one, the more you buy of the other | Complementary goods |
| The responsiveness of the quantity supplied of a commodity to a change in its price | Price elasticity of supply |
| A legal minimum price below which a good or service may not be sold | Price floor |
| A situation in which quantity demanded is greater than quantity | Shortage |
| A legal maximum price that may be charged for a particular good or service | Price ceiling |
| A situation in which quantity supplied is greater than quantity demanded | Surplus |
Created by:
betsynewmark