What is Market Equilibrium?

situation where QS &QD for a product are equal at same P & Q, The point where the supply curve and demand curve intersect

When there is too much of something and price drops

What is a supply schedule?

Listing of prices and quantities of a particular product supplied

The law of demand states

As prices increase, demand falls

What is a demand schedule?

A list of quantities of goods or services demanded.

What does demand mean?

the amount of products buyers want to purchase

4 factors that change demand

income,market size, consumers tastes, consumers goods, Subtitute goods, consumers expectation, income, market size

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Economics Basics

11 termsStudBud Administration

Explore fundamental concepts in economics and test your knowledge on topics like price determination, consumer behavior, and demand

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Questions 11

Answers

1
What is a shortage?
Where market demand is greater than market supply
Where market demand is less than supply
Where market demand equals market supply
Where market supply is greater than market demand
2
What is a consumer?
Someone that sells products and services
Someone that buys products and services for resale
Someone that consumes a lot
Someone that buys products and services for personal use
3
What determines the price of a good or service?
Supply
Demand
The government
Demand and Supply
4
What is Market Equilibrium?
situation where QS &QD for a product are equal at same P & Q
The point where the supply curve and demand curve intersect
The point where quantity supplied > quantity demanded
The point where quantity supplied < quantity demanded
5
What is a surplus
When there is too much of something and price drops
When there isn't enough of something and price rises
6
What is a supply schedule?
Listing of prices and quantities of a particular product supplied
A calender
The number of products desired by the consumer
Supply curve
7
The law of demand states
As prices increase, supply falls
As prices increase, demand increases
As prices increase, demand falls
As prices increase, supply increases
8
What is a demand schedule?
A graph of quantities of goods or services demanded.
None of the above.
A graphic organizer that illustrates both goods & services.
A list of quantities of goods or services demanded.
9
What does demand mean?
the amount of products producers make
the amount of products buyers want to purchase
the amount of dog food up for sale
the amount of producers that are in the market
10
What is supply?
profit
cost
The good or service for sale
Water, land or labor
11
4 factors that change demand
income effect, demand, goods, inferior goods
income,market size, consumers tastes, consumers goods
Substitutes, unit elasticity,elastic, inelastic
Subtitute goods, consumers expectation, income, market size

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