Supply and Demand 2017/2018 School Year

What is being shown here?

What is listed on the Y Axis of a Demand Curve?

As the price of a good rises, new firms will have an _____ to enter a market for a good.

___ is a table that lists the quantity of a good a person will buy at each different price.

A ___ is a graphic representation of a demand schedule.

_____ is when the marginal product of labor decreases as the number of workers increases.

_____ is the additional cost of producing one more unit of a good.

A ____ is a chart which shows how much of a good one producer would supply at different prices.

What word do economists use to describe the satisfaction one gets from a good or service?

___ is the desire to own something and the ability to pay for it

The change in consumption resulting from a change in real income is known as?

Who is this?

What acronym is used to describe shifts in the supply curve?

Price of Item A Increases. Demand for Item A Decreases. Demand for Item B increases.

_____ do not change no matter how much of a good is produced, like rent and salaries.

Price does not cause the demand/supply curve to shift.

A _____ is the graph of the data points in a supply schedule.

Economists measure consumption in the amount of a good that is bought.

What acronym is used to describe shifts in the demand curve?

If the price of a good decreases, the quantity supplied will ___.

____ is when supply is sensitive to changes in price.

Quantity Demanded is listed on the ___ axis of the demand curve?

An increase in demand causes the demand curve to shift to the ___.

People buy more of a good when its price decreases and less when the price increases.

_____ describes how much of a good is offered for sale at a specific price.

Demand goes to the ___ and Supply goes to the ___

What is being shown here?

According to the law of supply, the ___ the price, the ____ quantity supplied.

_____ is the amount of goods available.

What is this?