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7 Cards in this Set

  • Front
  • Back

Ceteris Paribus

All other things equal

Factors of production

The combination of labor, materials and machinery that is used to produce goods and services; aka inputs

Price ceiling




Price floor

A legal maximum price




A legal minimum price

Demand






Quantity demanded

- Relationship between price and the quantities people would be willing and able to buy (quantity demanded) - the whole curve




- Specific quantity consumers are willing to purchase at a given price


- a specific point on a given demand curve



Change in demand (other than price)






Change in quantity demanded

- A shift in the whole curve





- A movement along a demand curve




- Caused ONLY by a change in price (which can only be caused by a shift in SUPPLY)

Supply




Quantity Supplied

- Relationship between price and quantity supplied of a certain good or service




- Specific quantity producers are willing to sell at a given price




Change in Supply




Change in quantity supplied

- A shift in the whole supply curve when costs of production change



- A movement along a supply curve


- Caused only by a change in price (which can only caused by a shift in demand)