Supply & Demand

When someone has a desire for a specific good or service, money to buy it and willing to do it

Supply increases when demand is great and decreases when demand is low. This is known as the

If demand for a good or service is constant regardless of price _______demand exists

Inelastic demand is defined as a demand that is

If business expect prices to increase in the future what are they likely to do?

Which of the following is a factor(s) that impact demand?

When there is a large supply of product in the market with little demand....

A quantity of good or service that consumers will buy varies inversely with the price.

Quantity of a good/services producers are willing to offer for sale at a specific price & time

When less expensive substitutes are readily available, demand is more likely _____ for product.

When the price of complimentary products goes up it has an effect on _______.

What is a characteristic of a buyers market?

Change in price causes a change in the amount of product purchased.

Which is a characteristic of a sellers market?

Quantity of a good or service offered for sale varies in direct relation to its selling price

Small grocery stores have closed their doors because of big chain stores. What is the reason?

The factor affecting demand that involves the amount of money available to spend is known as ?

When there is more demand for a product than produced this is?

A factor that affects a product's utility to an individual customer?

When the quantity supplied is equal to the quantity demanded this is known as________.

Jelly to peanut butter is a ____________ product

When consumers adjust their demand for products based on price the product is?

If government places restrictions on the use of certain resources it affects the ___________ ?

Elastic demand is more likely when a good is

The basic demand for a product is determined by its ___________ to the potential customer

When the prices of iPhones increases, and the quantity of iPhones offered for sale increases.

Which of the following is a factor in determining a products elasticity?

Camas' housing prices are high and demand is high. It is a _________ market.

Gas prices have gone up by .25 a gallon but we buy gas because it is an example of_____ demand.

Demand for a good or service that stays consistent even when price changes is?