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7 Cards in this Set
- Front
- Back
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Demand Schedule
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Shows the quantity demanded by a demand curve.
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Law of Demand
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States that the demand curve always slopes downward.
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Four main factors that shift the demand curve..
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1. A change in price of related goods such as SUBSTITUTES or COMPLEMENTS
2. A change in income 3. A change in tastes 4. A change in expectations |
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Supply Schedule
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Shows quantity supplied at each price and represented by the supply curve.
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Supply curve slopes (upward or downward)
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Upward
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Three main factors that shift the supply curve are..
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1. A change in input prices
2. A change in technology 3. A change in expectations |
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Equilibrium Price
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Price at which quantity demanded is equal to quantity supplied.
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