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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| Demand | The desire, willingness & ability to purchase a G & S (at all possible prices)
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| Law of Demand | As price increases, quantity demanded decreases, as price decreases quantity demanded increases
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| Factors Affecting Demand | a) tastes & preferences
b) income change
c) population change
d) change with substitute goods
e) change with complementary goods
f) expectations
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| Substitute Goods | Image result for Substitute goods
Substitute goods are goods which, as a result of changed conditions, may replace each other in use
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| Complementary Goods | A good's demand is increased when the price of another good is decreased.
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| Elastic Demand | Price significantly affects the quantity demanded
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| Inelastic Demand | Price has minimal affect on quantity demanded
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| Utility | The power of a G/S to satisfy a want or need (the product's usefulness)
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| Law of Diminishing Marginal Utility | The amount of satisfaction decreases w/ each additional purchase (ex: eating a 3rd, 4th or 5th hotdog, seeing a movie for a 2nd, 3rd, or 4th time)
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| Supply | The amount of a G/S that producers are willing to produce at various prices
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| Law of Supply | As the price increases quantity supplied increases as the price decreases quantity supplied decreases
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| Factors Affecting Supply | a) number of competitors
b) production cost (price of inputs)
c) productivity
d) technology
e) gov't regulations
f) taxes & subsidies
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| Equilibrium Price/ Market price | The price point where quantity supplied meets the quantity demanded
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| Shortage | Having more quantity demanded than supplied (not enough G & S)
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| Surplus | Having more quantity supplied than demanded (left over G & S)
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Created by:
livilou541
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