ECO 2023 Module 4
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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| Market | a group of buyers and sellers of a particular good or service
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| Competitive Market | a market in which there are many buyers and many sellers so that each has a negligible impact on market price
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| Quantity Demanded | the amount of a good that buyers are willing and ABLE to purchase
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| Law of Demand | the claim that, other things equal, the quantity demanded of a good falls when the price of the good rises
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| Demand Schedule | a table that showsthe relationship between the price of a good and the quantity demanded
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| Demand Curve | a graph of the relationship between the price of a good and the quantity demanded
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| Normal Good | a good for which, other things equal, and increase in income leads to an increase in demand
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| Inferior Good | a good for which, other things equal, an increase in income leads to a decrease in demand
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| Substitutes | two goods for which an increase in the price of one leads to an increase in the demand for the other
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| Complements | two goods for which an increase in the price of one leads to a decrease in the demand for the other
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| Quantity Supplied | the amount of a good that sellers are willing and ABLE to sell
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| Law of Supply | the claim that, other things equal, the quantity supplied of a good rises when the price of a good rises
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| Supply Schedule | a table that shows the relationship between the price of a good and the quantity supplied
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| Supply Curve | a graph of relationship between the price of a good and the quantity supplied
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| Equilibrium | a situation in which the market price has reached the level at which quantity supplied equals quantity demanded
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| Equilibrium Price | the price that balances quantity supplied and quantity demanded
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| Equilibrium Quantity | the quantity supplied and the quantity demanded at the equlibrium price
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| Surplus | a situation in which quantity supplied in greater than quantity demanded
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| Shortage | a situation in whihc quantity demanded is greater than quantity supplied
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| Law of Supply and Demand | the claim that the price of any good adjusts to bring the quantity supplied and the quantity demanded for that good into balance
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Review the information in the table. When you are ready to quiz yourself you can hide individual columns or the entire table. Then you can click on the empty cells to reveal the answer. Try to recall what will be displayed before clicking the empty cell.
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If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
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