The Laws of Supply and Demand
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
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| These are the two chief types of value.... | show 🗑
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| show | Value in use
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| show | Value in exchange
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| show | Price
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| show | Market price
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| As one's supply of a specific good or service increases, the satisfaction derived from each additional unit tends to decrease. What is this? | show 🗑
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| show | Marginal utility
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| show | Total Utility
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| show | Demand
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| show | Law of demand
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| This is when the price of a good falls and consumers tend to buy more of that good or of the other items because they can do so without giving up anything. They have expanded buying power, | show 🗑
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| show | Law of demand
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| This is a principle stating that people tend to substitute less expansive goods for goods whose prices have risen. | show 🗑
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| show | Demand schedule
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| This is a graphic representation of the amount of goods purchased at different prices | show 🗑
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| show | 1) Tastes and Preferences
2) Income
3) Population
4) Prices of related goods
5) Consumer Expectations
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| show | Normal good
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| show | Inferior good
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| This is a good capable of being used in place of another good; and can be substitutes for one another, price of one good has a direct relationship upon the demand for the other- as the price of one good rises, the demand for its substitute increases | show 🗑
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| This is a good often used in conjunction with another. The price of one affects the demand for the other. The price of one rises and the demand for the other falls | show 🗑
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| show | Change in demand
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| show | Change in Quantity demanded
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| show | Supply
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| This is a law that states other things remaining equal, as the price of a good increases, the quantity supplied also increases in a free market economy | show 🗑
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| show | Law of supply
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| This is a list of numbers that compares price with quantity supplied | show 🗑
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| show | Supply curve
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| show | Quantity supplied
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| show | 1) Technology
2) Resource Prices
3) Prices of related goods
4) Number of sellers
5) Producer expectations
6) Government taxes, subsidies, Regulations
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| This is money given to businesses by the government to encourage production. | show 🗑
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| This is caused only by a change in price within an existing supply. This moves one point on a supply curve to another point on the same curve. | show 🗑
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| show | Producer
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| This is another name for a demander | show 🗑
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| show | Equilibrium
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| show | Shortage
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| This is when the quantity supplied of a good is greater than the quantity demanded at a given price | show 🗑
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| This is when prices go up and people will buy less | show 🗑
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| show | Inelastic
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| show | Price ceilings
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| show | Price floors
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| show | Price ceiling
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| show | Price floor
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| show | True
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Created by:
Leslie Spark
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