Bearden Econ Unit 2 Vocab

An established maximum price that sellers may charge for a product

A situation in which quantity demanded or quantity supplied changes little as the price changes

Situation in which demand is greater than supply,usually the result of prices being set too low

Many substitutes causes demand to be

If computer prices rise, Apple and Microsoft would

A market situation where prices are set in such a way that supply and demand are equal

How much consumers want to be made available to them from producers

A situation in which a change in price leads to a relatively larger change in quantity demanded

An established minimum price that buyers must pay for a product

The idea that consumers have the ultimate control over what is produced because of choice

How would an increase in population shift the demand curve?

The level to which consumers respond to prices changes in their willingness to buy a product

The willingness and ability of a producer to produce and sell a product

Situation in which supply is greater than demand,usually the result of prices being set toohigh

How much suppliers produce to meet the demand of the consumers.

The ability and willingness to purchase a good or service

Governments utilize ______ to help companies out (for farmers it would keep food supplies up)

satisfaction with a product decreases as consumption increases causing a decrease in demand