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8th SS JORGE-ECONOMY

Jorge 8th SS Chp 3 supply and demand

QuestionAnswer
SUPPLY THE AMOUNT OF A PRODUCT THAT PRODUCERS ARE WILLING AND ABLE TO OFFER AT DIFFERENT PRICES.
DEMAND THE AMOUNT OF A PRODUCT OR SERVICE THAT BUYES ARE WILLING AND ABLE TO BUY AT DIFFERENT PRICES.
MARKET PRICE THE PRICES AT WHICH BUYERS AND SELLERS AGREE TO TRADE.
SURPLUS AN EXTRA AMOUNT OF SOMETHING.
SHORTAGE WHEN THERE IS NOT ENOUGH OF SOMETHING.
WHEN PRICES ARE HIGH SUPPLIERS ARE WILLING TO SUPPLY MORE OF A PRODUCT. THEREFORE THE SUPPLY CURVE LPPKS THE WAY IT DOES BECAUSE AS PRICES GO UP YHE QUANTITY SUPPLY GOES UP.
WHEN PRICES ARE LOW BUYERS WILL DEMAND MORE OF A PRODUCT. THEREFORE THE DEMAND CURVE LOOKS THE WAY IT DOES BECAUSE AS PRICES GO DOWN THE QUANTITY DEMAND WILL GO UP.
QUALITY SUPPLIES EQUALS THE QUANTITY DEMAND IS CALLED THE MARKET PRICE.
AT ANY PRICE ABOVE THE MARKET PRICE THERE WILL BE A SURPLUS BECAUSE THE QUANTITY SUPPLIED GREATER THAN THE QUANTITY SUPPLIES.
AT ANY PRICE BELOW THE MARKET PRICE THERE WILL BE A SHORTAGE BECAUSE THE QUANTITY DEMAND IS GREATER THAN THE QUANTITY SUPPLIES.
Created by: asimien907