Supply and Demand Review

The PRICE at which quantity demanded and supplied are equal is known as:

When consumers expect a change in price and it affects their demand, that is called:

An increase in the number of producer will have what type of effect on supply in the short term

Your computer just broke, and will take a week to fix. What will be the effect on your supply.

Who argued that workers would eventually rise up and revolt to create a classless society?

System based on Voluntary Exchange, Individual decisions, competition, and capitalism:

Price of resources/input costs for your product increases, what will happen to the supply curve

Law of Supply states:

Which economic system relies heavily on the customs and belief of the group to make decisions.

The idea that consumers have the ultimate control over what is produced is called:

Which of the following is a disadvantage of Traditional Economies?

Which of the following is a factor that causes a change in demand?

The Law of Demand states:

The term "Laissez Faire" means:

If demand at $35 = 125, & the price drops to $25 & demand = 200 what would be change in demand

If your income drops ten percent, what will happen to your demand/demand curve?

When the government taxes a product they don't want produced or sold that is called a:

Which of the following terms is related to the demand of a single consumer?

The system in which the government controls important resources, and leaves some for the people

Who argued that competition and hands off approach regulates the economy better than government