Save
Busy. Please wait.
Log in with Clever
or
show password
Forgot Password?
Don't have an account?  Sign up 
Sign up using Clever
or
Username is available taken
show password


Make sure to remember your password. If you forget it there is no way for StudyStack to send you a reset link. You would need to create a new account. Your email address is only used to allow you to reset your password. See our Privacy Policy and Terms of Service.

Already a StudyStack user? Log In

Reset Password
Enter the associated with your account, and we'll email you a link to reset your password.
focusNode
Didn't know it?
click below
 
Knew it?
click below
Don't Know
Remaining cards (0)
Know
0:00
edit
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

Microeconomics

Chapter 3 & 4

QuestionAnswer
What is the law of demand? Price increase = quantity demanded decreases Price decreases = quantity demanded increases
How does quantity demanded change? Rise or fall in price, movement on the demand curve
What is a market demand curve? Summing up various demand curve of individuals ( Amount of all buyers willing and able to buy at variosu prices)
How do you define supply? Amount of goods producers are willing and able to offer for sale at various prices
What are the determinants of supply? Price Taxes, regulations, and weather Technology Number of producers Price expectation Resource prices Price of related goods in production
What is the law of supply? Prices increase = quantity supplied increases Price decreases = quantity supplied decreases
What is motivation? What determines price? What determines quality sold? Why do prices fluctuate?
How do you define demand? Willingness and ability to buy at various prices ( Purchasing capacity) Desire= Willingness to own
What are the variables of demand? ( P) Price (Y) Consumers income (POP) Number of consumers (T/P)Taste and Preference (PO) Price of related goods (Ep)Expectations of future prices
What is the equilibrium price? Intersection of demand and supply curve. When price is represented by equal quantity supplied and quantity demanded
What is the market equilibrium price? Intersection of quantity demanded and quantity supplied. Equilibrium price and quantity. Surplus ( Greater than equilibrium price) and shortage ( smaller than equilibrium price)
What is the price ceiling? Max limit of prices
What is the price floor? Min limit of prices
What are the three steps to determine changes in equilibrium price? 1. Decide what curve is shifting 2. Decide the direction of shift 3. Use the supply and demand diagram/ table to determine the market position ( Shortage or surplus)
What happens with a simultaneous shift? Predict ONE variable, predict the other variables direction
Created by: Marlenathibeault
Popular Economics sets

 



Voices

Use these flashcards to help memorize information. Look at the large card and try to recall what is on the other side. Then click the card to flip it. If you knew the answer, click the green Know box. Otherwise, click the red Don't know box.

When you've placed seven or more cards in the Don't know box, click "retry" to try those cards again.

If you've accidentally put the card in the wrong box, just click on the card to take it out of the box.

You can also use your keyboard to move the cards as follows:

If you are logged in to your account, this website will remember which cards you know and don't know so that they are in the same box the next time you log in.

When you need a break, try one of the other activities listed below the flashcards like Matching, Snowman, or Hungry Bug. Although it may feel like you're playing a game, your brain is still making more connections with the information to help you out.

To see how well you know the information, try the Quiz or Test activity.

Pass complete!
"Know" box contains:
Time elapsed:
Retries:
restart all cards