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

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.

Question

demand
click to flip
focusNode
Didn't know it?
click below
 
Knew it?
click below
Don't know

Question

quantity demanded
Remaining cards (25)
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

EconomicsNicky Ch 2

Demand and Supply definitions

QuestionAnswer
demand the relationship between the various possible prices of a product and the quantities of that product consumers are willing to purchase
quantity demanded the amount of a product consumers are willing to purchase at each price
law of demand states that there is an inverse relationship between a product’s quantity demanded and its price
demand schedule a table that shows possible combinations of prices and quantities demanded of a product
demand curve a graph that expresses possible combinations of prices and quantities demanded of a product
change in quantity demanded: the effect of a price change on quantity demanded
market demand the sum of all consumers’ quantity demanded for a product at each price
demand factors factors that can cause an increase or a decrease in a product’s demand
increase in demand an increase in the quantity demanded of a product at all prices
decrease in demand a decrease in the quantity demanded of a product at all prices
normal products products whose demand changes directly with income
inferior products products whose demand changes inversely with income
substitute products products that can be consumed in place of one another
complementary products products that are consumed together
supply the relationship between the various possible prices of a product and the quantities of the product that businesses are willing to supply
quantity supplied the amount of a product businesses are willing to supply at each price
market supply the sum of all producers’ quantities supplied at each price
supply schedule a table that shows possible combinations of prices and quantities supplied of a product
supply curve a graph that expresses possible combinations of prices and quantities supplied of a product
change in quantity supplied the effect of a price change on quantity supplied
supply factors factors that can cause an increase or a decrease in a product’s supply
increase in supply an increase in the quantity supplied of a product at all prices
decrease in supply a decrease in the quantity supplied of a product at all prices
market equilibrium the stable point at which demand and supply curves intersect
surplus an excess of quantity supplied over quantity demanded
shortage an excess of quantity demanded over quantity supplied
Created by: 855205366
Popular Finance 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