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;
16 Cards in this Set
- Front
- Back
- 3rd side (hint)
|
What is the law of demand? Explain.
|
"As the price of a good or service decreases, the quantity people want to buy normally increases, and vice versa.
|
how many would you buy?
|
|
|
What is an economist's definition of demand?
|
a consumer is willing and able to buy an item at the given price
|
|
|
|
What is a demand curve?
|
a graph showing the quantity of the product demanded at different prices. only downward sloping
|
what did you draw?
|
|
|
What is a supply curve?
|
a graph showing the amount of a good, sellers are willing and able to sell at various prices. Only upward sloping
|
|
|
|
What is surplus?
|
an amount supplied that is more than the amount demanded
|
|
|
|
What is shortage?
|
an amount supplied that is less than the amount demanded
|
|
|
|
What is the equilibrium point and quantity?
|
the point at which the demand and supply curves intersect
|
|
|
|
What is the law of supply?
|
Law stating that as the price of a good increases, the quantity supplied of the good increases, and as the price of a good decreases, the quantity supplied of the good decreases.
|
|
|
|
What is the law of demand? Explain.
|
"As the price of a good or service decreases, the quantity people want to buy normally increases, and vice versa.
|
how many would you buy?
|
|
|
What is an economist's definition of demand?
|
a consumer is willing and able to buy an item at the given price
|
|
|
|
What is a demand curve?
|
a graph showing the quantity of the product demanded at different prices. only downward sloping
|
what did you draw?
|
|
|
What is a supply curve?
|
a graph showing the amount of a good, sellers are willing and able to sell at various prices. Only upward sloping
|
|
|
|
What is surplus?
|
an amount supplied that is more than the amount demanded
|
|
|
|
What is shortage?
|
an amount supplied that is less than the amount demanded
|
|
|
|
What is the equilibrium point and quantity?
|
the point at which the demand and supply curves intersect
|
|
|
|
What is the law of supply?
|
Law stating that as the price of a good increases, the quantity supplied of the good increases, and as the price of a good decreases, the quantity supplied of the good decreases.
|
|
