ECN - Unit 2 Review

If you need an item right now the demand would be?

A change in technology will cause as change in what?

An elasticity number of .22 would show which type of elasticity?

Increases in supply or demand shifts the curve in which direction?

There are how many factors of supply.

Outputs/Inputs is the formula for what?

Monetary value of an item.

The cost of wood goes up. Supply of decks will do what?

A demand schedule can be turned into a a demand curve.

Type of Demand when the elasticity is 3.8

If the price of an item goes up the quantity demanded will go?

Income is a factor of what?

There are 7 factors of demand.

Costs of running a business that do not change.

Minimum wage is a what?

The equilibrium price is also known as the?

The price of an item goes from $9-$10. What happens to demand?

Desire, Ability and Willingness to buy a product

Products that are used together

Gas tends to have what type of demand?

How do we eliminate a shortage?

Movement along a demand curve is cause by what?

A steep supply or demand curve show which type of supply or demand?

Supply Curves are drawn in which direction?

Point where QD=QS

Sum of variable and fixed costs.

A surplus is found where on a graph?

Period of time when only labor can change.

Slip used to obtain goods when prices are not used.

Total product will always go up no matter how many inputs there are.

Maximum price for an item set by gvernment.

If you have a lot of substitutes the product will have what type of demand?

Number of units sold times price.

Workers are given incentives to do more work. What will happen to supply?

Demand curves shift up and down.