Supply and Demand and a little review

The point at which supply meets demand.

Which type of demand is barely affected by the changes in cost/price?

Goods like insulin that diabetics need to survive.

As the price increases companies will want to offer more of the product, this represents

A good that competes with and can easily be used in place of another good.

Goods whose demands are responsive/change with price changes.

Employee work hours represent what factor of production?

What happens to a supply curve when the number of sellers increase

Hot fudge is a ___________ good to ice cream.

Increase in capital tools would lead to a _____ shift in Production Possibilities Curve

A decrease in demand would lead to a ______ in market price.

Increase in unemployment would lead to a _____ shift in Production Possibilities Curve

The value that must be given up in order to chose something else.

Study of means by which people of a society use resources to satisfy their wants/needs.

An increase in natural resources would lead to a ______ shift in Production Possibilities Curve

Depicts all the MAXIMUM output possibilities of 2 goods

Goods that do not have many substitutes.

Factory tools and factory buildings represent what factor of production?

Increase in employment productivity would lead to a _ shift in Production Possibilities Curve

Consumers' willingness to PURCHASE a product at a particular price.

A plant closes, laying off many employees, consumer demand drastically falls. What factor is affecting change in demand?

Celebrities start wearing baggy jeans, everyone buys baggy jeans to replace their skinny jeans, what causes the change?

Goods who can easily be substituted by other good have this type of demand.

Supply curves have a

Oil represents what factor of production?

If the price of brats increases what will happen to the demand for hot dogs(substitute good)?

What happens to the supply curve when the number of sellers decrease?

Demand Curves have a

An increase in supply or demand curves will shift it to the...

In supply and demand curves the equilibrium represents the

Producers' willingness to offer a product at a particular price

This graph reflects a decrease in producer supply. True or False?

There are not enough reources to produce everything that everyone wants.

Refers to the usefulness of an item. Point reached where the last item consumed is less satisfying than the one before.

If a business wants to earn as much money as possible it should RAISE the price of its product if its product has an

A decrease in the supply or demand curves will shift to the