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11 Cards in this Set
- Front
- Back
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3 Factors that effect the elasticity of demand
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1. Substitutes of goods and services
2. Proportion of Income 3. Necessities vs. luxuries |
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Supply
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It is the desire and ability to produce and sell a product for profit
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Law of Supply
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states that producers are willing to sell more of a product at a higher price than at a lower price
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Market supply schedule
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shows how much of a product all producers are willing and able to offer at each price
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Market supply curve
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Graphically shows that the information from the market supply schedule
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cost
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those are expenses that the owner of a business are responsible for
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Total Revenue
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the companies income from selling its products
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Market equilibrium
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occurs when quantity demanded and quantity supplied are equal at a particular price
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Equilibrium price
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the price at which the quantity supplied and the quantity demanded are =
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surplus
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a result of quantity supplied being greater than the quantity demanded
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shortage
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A result of quantity demanded being greater than the quantity supplied
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