Economic terms

Supply and demand curves are labeled on a...

Chart that lists the quantities at each price

Total income earned from a good or service

Maximum price paid for a good or service

Goods that can replace another

Balance point located on the graph

unbalanced point located on a graph

The more _____ people have, the more they spend

Place where people buy and sell goods and services

Minimum price paid for goods or services

_____ can influence people's tastes through media

As prices increase, demand decreases

As price increases, supply increases

Where Supply is greater than demand

When demand is greater than supply

Consequences of a change in the market

Struggle of suppliers to attract consumers

Two goods that are used together

Supply and demand work to ______ prices

Graph that illustrates the schedule