Supply & Demand

A good or service required in order to make a final good or service

A change in what will shift the demand curve?

Kingsley gets a 10% raise. Inflation is 3%. What is Kingsley's real raise?

A change in which of the following would cause the demand curve to shift?

When the demand curve shifts, what does not change?

A good or service that is the result of putting other resources and intermediate goods together

What is the condition that exists when quantity supplied > quantity demanded?

When quantity supplied > quantity demanded, prices...

A change in which of the following would cause the supply curve to shift?

When the government places an artificial limit restricting how low producers may lower prices

What is a data table showing the quantity producers want to sell at each price point?

What says that consumers want to buy more at lower prices than higher prices?

What is the desire, ability, and willingness to buy a good or service at all prices?

A good that people tend to buy more of at lower income levels than higher income levels

What is a data table showing the quantity consumers want to buy at every price point?

A change in which of the following could cause the supply curve to shift left or right?

A good or service whose use goes with the use of another good or service

The extent to which a change in price causes a change in quantity consumers want to buy

When the government imposes an artificial limit on how high of a price can be charged; result?

Which best describes when government takes resources from the private sector?

Which best describes a rule limiting how much of a good/service can be imported or exported?

A change in which would cause a movement along the demand curve?

A good people tend to buy at higher income levels than lower

What is the quantity of a good/service producers are willing to produce for sale at all prices?

When one good or service can be used instead of another good or service

A change in which would cause the supply curve to shift?

A change in which would cause the supply curve to shift?

If the price of inputs changes first, we use the following determinant on the outputs:

A change in what will shift the supply curve?

What explains why people are richer when prices drop, leaving them with more real income?

What says that producers want to produce more at higher prices than lower prices?

When the supply curve shifts, what does not change?

When demand/qty demanded of an output changes first, we use the following determinant on inputs

The extent to which a change in price causes a change in the amount producers want to make

Stephanie gets an 8% raise. Inflation is 1%. What is Stephanie's nominal raise?

What explains why people are poorer when prices rise, leaving them with less real income?

When quantity supplied = quantity demanded, price...

Which best describes rules the government places on the private sector restricting operations?

The change in quantity demanded because of the relative change in the price of products

When a number includes inflation (inflation has not been subtracted) we call it a ___ number.

Which best describes when gov't give $ to the private sector (not a purchase or for a resource)

When quantity demanded > quantity supplied, prices...

A change in which would cause the demand curve to shift?

What is the condition that exists when quantity supplied = quantity demanded?

Ceteris paribus means...

When a number has had inflation subtracted out, we call it a _____ number.

A change in which of the following will cause the demand curve to shift?

A change in which would cause a movement along the supply curve?

What is the condition that exists when quantity demanded > quantity supplied?

A change in which of the following will cause the supply curve to shift?

A change in what will cause the demand curve to shift?

Which of the 3 basic economic systems uses the pricing system?