Economics-S.C. Standard 3

What is demand when a change in price leads to a relatively smaller change in the quantity demanded?

What part of economics focuses on the economy as a whole with broad issues such as unemployment & inflation?

What is supply called when you display it on a graph?

Demand that does not change significantly when the percentage change in price & quantity demanded is the same is ____.

A price floor is the maximum price set by the government that sellers are allowed to charge.

Price ceilings and floors are only effective if they are placed above equilibrium.

Supply can be described as elastic or inelastic.

Unit elastic can be described as the dividing point between elastic & inelastic demand.

If demand decreases, usually the price increases.

What is demand called when you display it on a graph?

Generally speaking, if there is no substitute for a good or service, demand tends to be ____.

A surplus is when the supply does not meet demand.

The amount of money that a business earns before expenses are deducted is called Total Revenue.

Supply & Demand can be displayed on a graph together called a Supply & Demand Curve.

Demand for items considered necessities like food and water are  ____.

What government intervention is used when the price of a product is set above equilibrium?

Elasticity of demand is used to describe how responsive consumers are to price changes in the marketplace.

What is demand when a change in price leads to a relatively larger change in demand for a product?

Who does a price ceiling usually help?

What do the different points on a Demand Curve show?

What is a social science that revolves around relationsips between individuals and societies?

According to the Law of Demand, when price decreases, demand rises, and when price increases, demand falls.

What is the highest quantity of a good or service that can be supplied by a producer?

When demand increases, it will almost always result in . . .

What is the price when the quantity demanded equals the quantity supplied?

The relationship between supply and price is displayed on an equilibrium helix.

What part of economics focuses on the actions of individual agents within the economy, like workers and businesses?

Inelastic goods and services are often said to be price sensitive.

What is the equilibrium price?

What is it called when a government establishes a minimum price that buyers are required to pay?

If the supply is 40, what should you set the price at in order to avoid having a surplus?

How can you describe price ceilings & floors due to the missed opportunities for transactions?

In this example if the price is set at $48, what is the supply?

If supply increases while demand remains constant, the price decreases.

If supply decreases while demand remains constant, prices decrease.

What is calculated by multiplying the selling price by the quantity sold?

Markets move toward equilibrium due to competition and the availability of information.

What is the amount of a product that is available for sale?

Our government regulates the prices and quantities of products from private companies.

Demand for luxury items are elastic.

What is the desire for a product and the ability to pay for it?

What is calculated by subtracting business expenses from a businessess total revenue?

What happens when the supply of a product exceeds demand?

In this example if the price is set at $48, what is the demand?

Who does price floors usually help?