Demand and Supply Resource

A _______ shows how the law of supply works

a demand is ________ if a price increace causes little or no change in demand.

The law of _______ says that as the price of a good goes up, so will the supply

more stores open when people move to town

Elasticity matters because it affects how much ______ a a business makes.

_______ will increase the supply of goods or services

third stage of production

Juice, water, milk, and tea are _________ for soft drinks.

how much money a person makes is called __________.

How much a product or servie costs is its ___________?

the _______ returns stage of production gives business owners the highest profit.

elasticity of demand is greatest with these goods

Economists use the word _______ to measure the impact of price on demand.

New Technology

government grant

if the price of raw materials rises, a companys_____ costs increase.

money paid to help pay the governments expenses

drop in taxes

people are very satisfied with a product

additional cost of producing one more unit

fixed costs plus variable costs

people may buy more luxuries than in the past

________ is the usefullness or satisfaction a consumer gets from a product.

COnsumers affect demand by changing their mind about what they______?

a _______ ______ is a way to explain the law of demand in a picture.