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### 16 Cards in this Set

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 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.