1006GBS Module 1 & 2 Revision

An increase in the price of Bananas results in upwards movement along the Demand Curve (=Less Quantity Demanded)

Equilibrium represents

When there is a shortage:

The "law of demand" refers to the fact that, other things remaining the same, when the price of a good changes:

A business cycle has two turning points, which are the

A sale on T-shirts is advertised for next week. What happens this week in the market for T-Shirts?

Supply curve slopes downwards and the demand curve slopes upwards

The law of supply states, other things equal, if the price of a good increases, the quantity supplied increases

Gross domestic product measures the market value of final goods and services produced in a given year within a country.

A Price Floor is a government regulation that places a lower limit on the price of a good/service.

If the price per can was $1, Quantity supplied would equal

Factors that cause demand to shift (change) include

GDP can be used to accurately measure standards of living

What would not cause a SHIFT in the supply curve

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A competitive market has so many buyers and sellers that no one can influence the price.

A change in demand (As opposed to a change in quantity demanded) refers to

Which of the following expenditure components of GDP can be both negative or positive?

Investment is defined as the purchase of consumer goods

Gross domestic product equals