Econ Chapter 1 Word Scramble
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| Term | Definition |
| Complementary Goods | Two goods where the increase in price leads to a decrease in demand. |
| Law of Supply | The quantity of a good supplied rises when the price of the good rises. |
| Equilibrium Quantity | The quantity supplied and the quantity demanded at the equilibrium price. |
| Law of Supply and Demand | The price of any good adjusts to bring the quantity supplied and the quantity demanded for the good into balance. |
| Quantity Demanded | The amount of a good that buyers are willing and able to purchase. |
| Demand Schedule | A table that shows the relationship between the price of a good and the quantity demanded. |
| Equilibrium Price | The price that balances the quantity supplied and the quantity demanded. |
| Quantity Supplied | The amount of a good that sellers are willing and able to sell. |
| Variables That Affect The Supply Curve | Price, Input Prices, Technology, Expectations, Number of Sellers |
| Equilibrium Point | The point where the quantity supplied equals the quantity demanded. |
| Demand Curve | A graph of the relationship between the price of a good and the quantity demanded. |
| Surplus | When the quantity supplied is greater than the quantity demanded. |
| Shortage | When the quantity demanded is greater than the quantity supplied. |
| Supply Schedule | A table that shows the relationship between the price of a good and the quantity supplied. |
| Normal Goods | A good where an increase in income leads to an increase in demand. |
| Inferior Goods | A good where an increase in income leads to a decrease in demand. |
| Substitute Goods | Two goods where the increase in price of one good leads to the increase in demand of the other good. |
| Law of Demand | The quantity demanded of a certain product falls when the price of the good rises. |
| Supply Curve | A graph of the relationship between the price of a good and the quantity supplied. |
| GDP | Consumption, Investment, Government, Net Exports |
| Major Markets | Dow, Nasdaq, S&P |
| Market | A group of buyers and sellers for a particular good or service. |
| Competitive Market | A market in which there are so many buyers and so many sellers that each has a negligible impact on the market price. |
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