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Econ Supply&Demand

Economics

QuestionAnswer
surplus when the price is set higher than the point where supply and demand meet
elastic demand the amount buyers want to buy changes a lot
shortage when the price is set lower than the point where supply and demand meet
price effect a change in what people will buy because a change in price
supply curve consumers get more of a product by paying higher prices
equilibrium the name of the point where supply and demand meet
the demand for a good is elastic when the amount buyers want to buy changes a lot
price ceiling when the government sets a cap on what price businesses can change
consumers get more of a product by paying higher prices
equilibrium is important because it balances the amounts demanded and supplied
supply elasticity measure of the way in which quantity supplied responds to a change in price
price effect change in price that creates a shift in demand along the demand curve
substitutes products that can be used in place of other products
microeconomics deals with behavior and decision making of small units
inelastic when price effect has a small effect
equilibrium price no surplus or shortage, all goods and services are bought and sold
complements products the tend to be used together
invisible hand actual price and quantity sold is determined in market
what is the law of demand price goes up and people buy less; vice versa
what is the law of supply offer more for sale at a high price; vice versa
two things that can cause a change in demand income and expectations
two things that can cause a change in supply expectations and change in cost in production
Created by: lizhopper2