Reading...
Play button
Play button
Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
20 Cards in this Set
- Front
- Back
|
What is Demand?
|
refers to a schedule of quantities of a good that will be bought per unit of time at various prices, other things constant.
|
|
|
What is a demand curve?
|
is the graphic representation of the relationship between price and quantity demanded
|
|
|
What is equilibrium?
|
is a concept in which opposing dynamic forces cancel each other out.
|
|
|
What is equilibrium price?
|
is the price toward which the invisible hand drives the market
|
|
|
What is equilibrium quantity?
|
is the amount bought and sold at the equilibrium price
|
|
|
What is excess demand?
|
is the quantity demanded is greater than quantity supplied
|
|
|
what is excess supply?
|
quantity supplied is greater than quantity demanded, and some suppliers won't be able to sell all their goods.
|
|
|
What is fallacy composition?
|
Is the false assumption that what is true for a part will also be true for the whole
|
|
|
What is law of demand?
|
states that the quantity of a good demanded is inversely related to the good's price
|
|
|
What is law of supply?
|
is based on substitution and the expectation of profits
|
|
|
What is market demand curve?
|
is the horizontal sum of all individual demand curve.
|
|
|
What is market supply curve?
|
is the horizontal sum of all individual supply curves.
|
|
|
What is movement along a demand curve?
|
is the graphical representation of the effect of a change in price on the quantity demanded.
|
|
|
What is movement along a supply curve?
|
is the graphical representation of the effect of a change in price on the quantity supplied.
|
|
|
What is quantity demanded?
|
refers to a specific amount that will be demanded per unit of time at a specific price, other things constant
|
|
|
What is quantity supplied?
|
refers to a specific amount that will be supplied at a specific price.
|
|
|
What is shift in demand?
|
is the graphical representation of the effect of anything other than price on demand.
|
|
|
What is shift in supply?
|
is the graphical representation of the effect of a change in a factor other than price on supply
|
|
|
What is supply?
|
refers to a schedule of quantities a seller is willing to sell per unit of time at various prices, other things constant
|
|
|
What is supply curve?
|
is the graphical representation of the relationship between price and quantity supplied.
|
