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26 Cards in this Set

  • Front
  • Back
demand
a schedule or curve that shows the various amounts of a product that consumers are willing and able to purchase at each of a series of possible prices during a specified period of time
law of demand
the negative or inverse relationship between price and quantity demanded
marginal utility
the extra utility a consumer obtains from the consumption of 1 additional unity of a good or service
substitution effect
suggest that at a lower price buyers have the incentive to substitute what is now a less expensive product for similar products ate are now relatively more expensive
demand curve
people buy more of a product, service, or resource as its price falls; downward slope
determinants of demand
factors other than price that determine the quantities demanded of a good or service
normal goods
products whose demand varies directly with money income
inferior goods
goods whose demand varies inversely with money income
substitute good
a good that can be used in place of another good
complementary good
a good that is used together with another good
change in demand
a shift of the demand curve to the right or to the left
change in quantity demanded
movement from one point to another point
supply
a schedule or curve showing the various amounts of a product that producers are willing and able to make available for sale at each of a series of possible prices during a specific period
law of supply
as price rises, the quantity supplied rises; as price alls, the quantity supplied falls
supply curve
producers offer more of a good, service, or resource for sale as its price rises; upward slope
determinants of supply
factors other than price that determine the quantities supplied of a good or service
change in supply
a change in the schedule and shift of the curve to the left or right
change in quantity supplied
a movement from one point to another on a fixed supply curve
equilibrium price
the price where the intentions of buyers and sellers match
equilibrium quantity
quantity demanded and quantity supplied at the equilibrium price in a competitive market
surplus
excess supply
shortage
excess demand
productive efficiency
production of any particular good in the least costly way
allocative efficiency
the particular mix of goods and services highly valued by society
price ceiling
the maximum legal price a seller may charge for a product or service
price floor
the minimum price fixed by the government