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Markets and Prices flashcards
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- What is meant by “Supply” in this lesson?Supply
- Supply relates possible prices to quantities sellers are willing and able to offer.
- What is meant by “Quantity supplied” in this lesson?Supply
- Quantity supplied is the amount offered at one specified price and time.
- What is meant by “Law of supply” in this lesson?Supply
- Other things equal, a higher price usually increases quantity supplied in the introductory model.
- What is meant by “Supply shift” in this lesson?Supply
- A supply shift changes planned quantities at given prices.
- What is meant by “Input cost” in this lesson?Supply
- An input cost is the expense of a production resource.
- What is meant by “Supply elasticity” in this lesson?Supply
- Supply elasticity measures quantity-supplied responsiveness to price changes.
- What is meant by “Demand” in this lesson?Demand
- Demand relates possible prices to quantities buyers are willing and able to purchase.
- What is meant by “Quantity demanded” in this lesson?Demand
- Quantity demanded is the planned purchase amount at one price and time.
- What is meant by “Law of demand” in this lesson?Demand
- Other things equal, a higher price usually lowers quantity demanded in the introductory model.
- What is meant by “Substitute” in this lesson?Demand
- A substitute can serve a similar purpose in consumption.
- What is meant by “Complement” in this lesson?Demand
- A complement is a product commonly used together with another.
- What is meant by “Demand shift” in this lesson?Demand
- A demand shift changes planned quantities at given prices.
- What is meant by “Market equilibrium” in this lesson?Equilibrium and price changes
- Equilibrium occurs where quantity demanded equals quantity supplied under stated conditions.
- What is meant by “Shortage” in this lesson?Equilibrium and price changes
- A shortage occurs when quantity demanded exceeds quantity supplied at the current price.
- What is meant by “Surplus” in this lesson?Equilibrium and price changes
- A surplus occurs when quantity supplied exceeds quantity demanded at the current price.
- What is meant by “Demand increase” in this lesson?Equilibrium and price changes
- An outward demand shift raises equilibrium price and quantity with unchanged upward-sloping supply.
- What is meant by “Supply increase” in this lesson?Equilibrium and price changes
- An outward supply shift lowers equilibrium price and raises quantity with unchanged downward-sloping demand.
- What is meant by “Simultaneous shifts” in this lesson?Equilibrium and price changes
- When both curves shift, some outcome directions require information about relative shift sizes.