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### 21 Cards in this Set

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 Law of Demand 1) Quantity demanded rises as price falls, other things constant 2) Quantity demanded falls as price rises, other things constant demand curve the graphic representation of the relationship between price and quantity demanded (per unit time) Demand refers to a schedule of quantitites of a good that will be bought per unit of time at various prices, other things constant Quantity Demanded refers to a specific amount that will be demanded per unit of time at a specific price, other things constant Shift Factors of Demand 1) Society's income 2) The prices of other goods 3) Tastes 4) Expectations 5) Taxes on and subsidies to consumers market demand curve the horizontal sum of all individual demand curves Law of Demand (market) 1) at lower prices, existing demanders buy more 2) at lower prices, new demanders enter the market Law of Supply 1) Quantity supplied reises as price rises, all things constant 2) Quantity supplied falls as price falls, other things constant Supply Curve the graphical represenation of the relatoinship between price and quantity supplied (directly) Supply refers to a schedule of quantities a seller is willing to sell per unit of time at various prices, other things constant Quantity Supplied refers to a specific amount that will be supplied at a specific price movement along a supply curve the graphical representation of the effect of a change in price on the quantity supplied shift in supply the graphical representation of the effect of a change in a factor other than price on supply market supply cuve the horizontal sum of all individual supply curves Equilibrium a concept in which opposing dynamic forces cancel each other out Equilibrium price the price toward which the invisible hand drives the market Equilibrium quantity the amount bough and sold at the equilibrium price excess supply quanity supplied is greater than quantity demanded Excess demand quanatity dmenaded is greater than quanity supplied Price Adjusts 1) when quantity demanded is greater than quanityt supplied, prices tend to rise 2) when quanitity supplied is greater than quantity demanded, prices tend to fall fallacy of composition the false assumption that what is true for a par will also be true for the whole