Economics - Unit 2 Part 1 Vocabulary REVIEW

a graph representing all the qty of a good, service, or resource sellers are willing and able to sell at each price

Model economists use to show characteristics and relationships that exist b/t households and businesses in the economy

Spending money

Types of changes in a market that will cause the entire demand curve to move (shift) to the right or to the left.

where the qty of a good that buyers are willing and able to buy = the qty of a good that producers are able to sell

Quantity a seller is willing and able to see at each price

price set above equilibrium price - larger qty supplied than there is qty demanded - result is a surplus of product

Total income from sales of output

as the price of a good rises the quantity of the good consumers are willing and able to buy will decrease

Owners of the productive resources - sell FOP to businesses in the factor market in exchange for income payments

amount of a good, service, or resource sellers are willing and able to sell at one specific price

Consumers of goods and services - buy goods and services from businesses - spend the income they earned to buy the goods

as price rises the quantity a seller is willing and able to sell will increase

table representing all the quantities of a good, service, or resource buyers are willing and able to buy at each price

Point of intersection b/t market demand curve & market supply curve - point at which qty. demanded is = to qty. supplied

Producers of goods and services - sell goods and services to households -earn revenue in exchange for goods and services

graph representing all the quantities of a good, service, or resource buyers are willing and able to buy at each price

Types of changes in a market that will cause the entire supply curve to move(shift) to the right or to the left

amount of a good, service, or resource buyers are willing and able to buy at one specific price

price set below equilibrium price - larger qty demanded than there is qty supplied - result is a shortage of product

table representing all the quantities of a good, service, or resource sellers are willing and able to sell at each price

quantity a consumer is willing and able to purchase at each price

Consumers of the productive resources - purchase the use of FOP from households to factor market using revenue