Study your flashcards anywhere!

Download the official Cram app for free >

  • Shuffle
    Toggle On
    Toggle Off
  • Alphabetize
    Toggle On
    Toggle Off
  • Front First
    Toggle On
    Toggle Off
  • Both Sides
    Toggle On
    Toggle Off
  • Read
    Toggle On
    Toggle Off
Reading...
Front

How to study your flashcards.

Right/Left arrow keys: Navigate between flashcards.right arrow keyleft arrow key

Up/Down arrow keys: Flip the card between the front and back.down keyup key

H key: Show hint (3rd side).h key

A key: Read text to speech.a key

image

Play button

image

Play button

image

Progress

1/15

Click to flip

15 Cards in this Set

  • Front
  • Back
any mechanism which brings together buyers and sellers of products
market
the amounts of a product which consumers are willing and able to buy at various prices during a given time period
demand
the amounts of a product which products/suppliers are willing and able to make available for sale at various prices during a given time period
supply
what terms imply a relationship between prices and quantities
demand and supply
the specific quantity of a product that consumers are willing/able to buy at a particular price
quantity demanded
quantity demanded refers to what price
a single price
demand refers to what price
all relevant
the price of the product is the what variable
independent
the quantity demanded of the product is the what variable
dependent
increase in the D curve is what shift
rightward
decrease in the D curve is a what shift
leftward
the specific quantity of a product that producers/suppliers are able and willing to make available for sale at a particular price
quantity supplied
law of supply
the higher the price of the product the greater the quantity supplied and vice versa
shifts of a supply curve result from change in any determinant of supply other than what
the price of the product
market equilibrium
when quantity supplied and demanded are equal