Unit Two Lesson Five economics

the sum of all the individual quantities supplied in a market

when the quantity supplied or demanded changes significantly with a change and has a formula result 1 or above

the sum of the individual quantities demanded in a market

a graph of the relationship between the price of a good or service and the quantity buyers are willing and able to buy

the quantity of a good or service that producers are willing and able to offer for sale at various prices

If a good has no substitute it will be

a product that is used or consumed jointly with another product; tennis rackets and tennis balls are one example

Degree to which the quantity demanded or supplied of a good or service changes in response to a change in price

economic law stating that as the price of a good or service increases, the quantity supplied increases, and vice versa

What happens to the market demand curve when there is an increase in market demand?

not responsive, or only slightly responsive, to a change in price, applied to either supply or demand

When CDs and MP3 players came along, demand for cassette players decreased. What would happen next to cassette tapes?

a product that satisfies the same basic want as another product

the amount of money a firm receives in the course of doing business

Looking at a toothpaste demand curve with a demand elasticity of .23 the slope would be ______________

If the formula result for demand elasticity is 1.8 that good is said to be ___________ which means it is price sensitive

What can cause a change in demand?

economic law stating that as the price of a good or service increases, the quantity demanded decreases, and vice versa

Quantity demanded moves along the demand curve in response to changes in

the quantity of a good or service that consumers are both willing and able to buy at various prices