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Econ Vocab 2

TermDefinition
Equilibrium Price the price where the supply is similar to the demmand
Law of Demmand states as the price of a good rises, consumers will demand lower quantities corespondingly
Law of Supply states as the price of a good rises, producers are motivated to supply more of it to the market
Factors affecting demand TRIBE - tastes, related goods, income, buyers, expectations
Factors affecting supply PC TWINS - price of inputs, cost of production, technology, weather conditions, innovations, number of sellers, subsidies/taxes
Movement along supply curve occurs when the price of a good or service changes
Movement along demand curve occurs when the price of a good or service changes
Demand Curve Shifts occurs when consumers buy a higher/lower quantity at the original price
Supply Curve Shifts occurs when seller produce more or less of a good or service at the original price
Substitute Goods alternative for products that consumer see as essentially the same thing
Normal Goods products whose demand and price increase/decrease relative to the rise or fall of consumer income
Value-added Goods a product that's enhanced with qualities that justify a higher price
Complementary Goods products that go together and are marketed in tandem
Inferior Goods products that experience a decline in demand as consumer income increases
Price Celing the max amount a seller can charge for a product; usually set by the law
Price Floor the established lower boundary on the price of a product in the market
Subsidies government-provided support for producers that helps reduce production costs
Inputs the resources and labor that go into the production of a product
Market Price the amount that a product can be sold for in a market determined by the equilibrium price
Negatively Related when two variables move in opposite directions from each other
Positively Related when two variables move in the same direction as one another
Created by: Luka13
 

 



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