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Supply and Demand

QuestionAnswer
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