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Economics: Ch. 3-4

Economics Final

Determinants of Demand Income, utility, substitutes, # of buyers, and complimentary goods.
Determinants of Supply Production, substitutes, future, # of sellers, and market size.
Inelastic Price increases and revenue increases.
Elastic Price increases and revenue decreases.
Demand Market, ability, and willingness to buy things.
Supply Amounts of goods or services sellers are able and willing to produce.
Shifts What happens to supply and demand curves when non-price variables change.
Diminishing Marginal Unity Usefulness decreases as quantity increases.
Elasticity Sensitivity to price.
Normal Goods Increased income leads to increased demand.
Interior Goods Increases income leads to decreased demand.
Price Supports More supply than demand (surpluses).
Price Ceilings More demand than supply (shortage).
Effects of Protective Tariffs Less supply and higher prices - SUPPLY
Effects of Income Taxes Affects income negatively - DEMAND
Law of Downward Sloping Demand We buy less when prices are high and more when things are cheap.
Elasticity for Necessity and Luxury Items Necessity - inelastic Luxury - elastic
Effects of Substitutes Inverse supply/demand relationship.
Effects of Compliments Positive relationship - supply/demand increase/decrease at the same time.
Price and Quantity move toward Equilibrium Decisions of buyers and sellers always pushes towards equilibrium.
Created by: amgraf2015



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