Supply and Demand

This is also known as the "market clearing price."

A good or service that can replace another good or service.

The total of all individual demands in a given market at a particular time.

Products that are often used together.

Condition that exists when the supply exceeds demand because of a lack of equilibrium.

Drinking tea instead of coffee is an example of which economic term?

States if all else is equal, as the price increases, consumer demand will decrease.

Condition that exists when demand exceeds supply because of a lack of equilibrium in a market.

Point reached when an additional unit of product consumed is less satisfying than the 1 before.

Price at which the amount supplied is equal to the amount demanded.

People tend to buy less of something at higher prices than they would buy at lower prices.

States if all else is equal, an increase in price results in an increase in quantity supplied.

Printers and ink cartridges are examples of which economic term?

Change to the L or R of the demand curve caused by a factor other than price.

Government policy where goods and scarce resources are given out in a limited manner.

The quantity of goods and services a person can buy with a given amount of money.

The total of all individual suppliers products in a given market at a particular time.

The degree to which demand or supply reacts to a change in price.

Change to the L or R of the supply curve caused by a change in prod. costs & related factors.