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Economincs Supply and Demand Flashcards | StudBud
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Economincs Supply and Demand
Economincs Supply and Demand
11 terms
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StudBud Administration
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265 plays
Terms and concepts can be found in our Unit 2 notes. (4.1-6.1 notes)
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1
_____ a min. price that can be legally charged, as dictated by the gov., for a good or service
Surplus
Price Floor
Price Ceililng
2
What do you call a cow with no legs?
NOt funny
HAHAHAHAH
gound beef
3
_______ is a government payment or discounted loan that supports a business market
surplus
Subsidy
Shortage
4
_________ willingness and ability of PRODUCERS to put products into the market
supply
substitute
demand
5
_________ two goods that are bought and used together
Supply
Complements
Substitutes
6
When quantity supplies equal to (=) quantity demanded
Equilibrium
Supply
Demand
7
____________ goods used in place of one another
Demand
Complements
Substitutes
8
____________ willingness and ability of CONSUMERS to buy products from the market
Equilibrium
Complement
Demand
9
___ a max price that can be legally charged for a good or service
Price Ceiling
Price Floor
Shortage
10
________ quantity demanded is greater than quantity supplied; also known as excess demand.
price floor
Shortage
Surplus
11
_________ when quantity supplied exceeds quantity demanded at a given price
surplus
shortage
bang-bang
