ShentonEconsTest2 Word Scramble
|
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
Normal Size Small Size show me how
Question | Answer |
What is the Law of Demand? | As price of a Good rises, the quantity demanded will fall. |
Changes to Equillibriums:What happens in "Increase in Demands"? | D-curve shifts to right, Increase in Price, Expansion of Quantity |
Changes to Equillibriums: What happens in "Decrease in Demand"? | D-curve shifts to left, Decrease in Price, Quantity Expands |
Changes to Equillibriums: What happens in "Increase in Supply"? | S-curve shifts to right, E.Price decrease,E.Q expands |
Changes to Equillibriums: What happens in "Decrease in Supply"? | S-curve shifts to left, E.Price increase, E.Q contracts |
What are the 'Changes to Equillibriums'? | -increase in demand, -decrease in demand, -increase in supply, -decrease in supply |
Demand and Supply: What happens when inventories fall and consumption rises? | Price increases causing Q to contract + O to expand -> Pe |
What are inventories? | Any unsold stock, also unemployment. |
Demand and Supply: What happens when inventories rise and consumption falls? | P fall causing Q to expand + O to contract -> Pe |
At P, S<D | Shortage |
At P, S>D | Surplus |
What are the characteristics of a competitive market? | Price determined by interaction between buyers and sellers |
What is a Product Market? | consumer is demand and firm is the supplier |
What is a Factor Market? | Households sell resources (in factors of production) to firms |
What are the characteristics of a Non-Competitive Market? | A monopoly, dominant firm rules |
In Supply: As P rises, Producers _____? | increase output |
In Supply: As P rises, Demand ____? | contracts |
In Supply: As Output rises and consumers buy less, Product is _____? | Less scarce |
In Supply: As P falls, Consumer buy more-> product becomes ______ and price______? | Scarcer and Price increases |
What is Demand? | Buying intentions of consumers that are willing and able to purchase |
What is the Income Effect? | As real Y falls you demand less of a good |
What is the Substitution Effect? | As price increases for Good A, demand will fall and demand for Good B increases |
What is the Law of Diminishing Marginal Utility? | Satisfaction received from the consumption of increasing quantities of goods and services will eventually fall |
Demand: P increases = Quantity falling | Contraction |
Demand: P decreases = Quantity rising | Expansion |
What is Price at E? | Market/Equillibrium Price |
D=S | Equillibrium |
What are the Non-Price Factors? (Shifting Entire Curve) | - Y of consumers- Related goods prices- Tastes and Preferences- Expectations of Consumers- Demographic Factors |
What is Price at E? | Market/Equillibrium Price |
D=S | Equillibrium |
What are the Non-Price Factors? (Shifting Entire Curve) | - Y of consumers- Related goods prices- Tastes and Preferences- Expectations of Consumers- Demographic Factors |
Created by:
Chrissy3421
Popular Business sets