CRASH COURSE: ECON #4: Supply and Demand

Every dollar spent signals two things to producers. What are they?

If the price of an item is high, there is likely to be what economic condition?

Markets are very good at allocating scarce resources in what manner?

What is "When the price goes up, people buy less; when the price goes down, people buy more."?

What direction does a supply curve slope?

What is information markets give that guides buyers and sellers on their buying and selling?

If the price of an item is low, there is likely to be what economic condition?

Which direction does a demand curve slope?

Price at the quantity buyers want to buy is exactly equal to the quantity sellers want to sell

If the price of an item is high, there is likely to be what economic condition?

If the price of an item is low, there is likely to be what economic condition?

When buyers and sellers willingly decide to make a transaction (nobody forces them)