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Duplicate of Section 2 - Supply and Demand- Flashcards | StudBud
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Duplicate of Section 2 - Supply and Demand-
Duplicate of Section 2 - Supply and Demand-
27 terms
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Overview of the Krugman's AP Macro Econ Section 2 terms
Flashcards
27 cards
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Questions
27
Answers
1
shows how much of a good or service producers will supply at different prices
demand schedule
supply schedule
supply listing
supply curve
2
when the quantity supplied exceeds the quantity demanded; when price is above equilibrium level
surplus
deficit
more
extra
3
Why do sellers offer more for sale at a higher price?
To make a profit
To show the law of supply
To meet demand
To maintain supply
4
an economic situation in which no individual would be better off doing something different
equality
even
equilibrium
level
5
2 goods related if a rise in price of 1 good causes a decrease in demand for other good
substitute
similarities
complement
interchangables
6
a shift of the supply curve, which changes the quantity supplied at any given price
movement in supply
movement in demand
change in supply
change in demand
7
a shift of the demand curve, which changes the quantity demanded at any given price
change in supply
law of demand
change in demand
demand shift
8
New Jersey v. TLO said that schools need what type of cause to search your belongings?
None at all
They need a warrant
Reasonable
Probable
9
a change in the quantity supplied of a good that is the result of a change in that good's price
movement along the PPC
movement along the supply curve
movement along the demand curve
shift of the supply curve
10
Sensitivity to Price change
Price Ceiling
Rubber band
Price Floor
Elasticity
11
when a rise in income decreases the demand for a good
inferior good
not good
superior good
disowned good
12
illustrates the relationship between quantity supplied and the price for an individual producer
multiple price curve
individual price curve
individual supply curve
multiple supply curve
13
graphical representation of the demand schedule. Shows relation between quantity demanded&price
all graphs
supply and demand curve
demand curve
supply demand model
14
market-clearing price; the quantity of the good bought and sold at a price
equilibrium supply
equilibrium price
equilibrium supply
equilibrium quantity
15
a change in the quantity demanded of a good that is the result of a change in that good's price
movement along both curves
movement along the supply curve
movement along the demand curve
market collapse
16
a higher price for a good/service,leads people to demand a smaller quantity of good/service
law of consumerism
law of demand
law of money
law of supply
17
shows how much of a good/service consumers will be willing and able to buy at different prices
demand curve
consumer schedule
supply schedule
demand schedule
18
the actual amount of a good or service producers are willing to sell at some specific price
quantity supplied
quantity requested
producer price
quantity demand
19
2 goods related if a rise in the price of 1 good causes an increase in demand for other good
substitutes
interchangables
complements
options
20
when quantity demanded exceeds quantity supplied; when the price is below the equilibrium level
shortage
surplus
deficit
not enough
21
the relationship between quantity demanded and price for an individual consumer
consumer demand curve
competitive demand curve
individual demand curve
demand curve
22
Graphically shows the relationship between quantity supplied and price
supply movement
PPC
supply curve
demand and supply curve
23
states that the price & quantity supplied of a good are positively related
law of price
law of positivity
law of supply
law of aggregate supply
24
Sellers offer less for sale at a lower price. Why?
Make less money
No more money to produce
Make more money
Demand is too high
25
actual amount of a good/service consumers are willing and able to buy at some specific price
quantity demanded
set amount
demand curve
law of demand
26
when a rise in income increases the demand for a good; the normal case
average good
normal good
lost good
income good
27
market is in equilibrium when $ is @ level where the quantity demanded = quan. supplied of good
equilibrium
equilibrium price
equality
market equilibrium
