Notgrass Economics Unit 6 Review

measure of how much demand for one product changes because of a price change in another product

what consumers pay when they buy a product or service & what suppliers receive when they sell a product or service

states that all else being constant, as the price for a product or service increases, production will increase

the total amount of a product or service that is available for purchase

measure of how much demand changes in response to changes in price

selling the same product to different consumers at different prices

takes place when there is a limited number of suppliers or buyers & one of either can have a significant effect on price

demonstrates the value that one product or service has compared to another

the minimum-allowable price set by law that is above the market-clearing price

a supplier's cost of production

effects from supply and demand activity that affect people who are not the actual buyers and sellers in a transaction

anywhere sellers offer goods and services and buyers purchase them

states that all else being equal, when the price of a good or service rises, demand falls

a market in which there are only a few major buyers

total of all goods/services that all households/companies/gov't are willing/able to buy at any price in a given time

states that the price of a product or service adjusts to bring supply and demand into balance

the total quantity of goods and services that all sellers are willing and able to provide at any price

a group of providers that engage in collusion to increase profits

taxes can cause _____ by increasing the cost of goods and services

goods and services that more than one person, household, or company can use at a time