Supply and Demand and a little review

Demand Curves have a

What happens to the supply curve when the number of sellers decrease?

Increase in unemployment would lead to a _____ shift in Production Possibilities Curve

Celebrities start wearing baggy jeans, everyone buys baggy jeans to replace their skinny jeans, what causes the change?

The point at which supply meets demand.

An increase in natural resources would lead to a ______ shift in Production Possibilities Curve

A plant closes, laying off many employees, consumer demand drastically falls. What factor is affecting change in demand?

Factory tools and factory buildings represent what factor of production?

There are not enough reources to produce everything that everyone wants.

Increase in capital tools would lead to a _____ shift in Production Possibilities Curve

An increase in supply or demand curves will shift it to the...

This graph reflects a decrease in producer supply. True or False?

Increase in employment productivity would lead to a _ shift in Production Possibilities Curve

Depicts all the MAXIMUM output possibilities of 2 goods

Employee work hours represent what factor of production?

Goods whose demands are responsive/change with price changes.

Oil represents what factor of production?

If the price of brats increases what will happen to the demand for hot dogs(substitute good)?

Consumers' willingness to PURCHASE a product at a particular price.

What happens to a supply curve when the number of sellers increase

If a business wants to earn as much money as possible it should RAISE the price of its product if its product has an

A decrease in demand would lead to a ______ in market price.

A good that competes with and can easily be used in place of another good.

As the price increases companies will want to offer more of the product, this represents

Goods that do not have many substitutes.

Hot fudge is a ___________ good to ice cream.

Which type of demand is barely affected by the changes in cost/price?

The value that must be given up in order to chose something else.

Supply curves have a

Goods who can easily be substituted by other good have this type of demand.

Goods like insulin that diabetics need to survive.

Refers to the usefulness of an item. Point reached where the last item consumed is less satisfying than the one before.

Producers' willingness to offer a product at a particular price

In supply and demand curves the equilibrium represents the

A decrease in the supply or demand curves will shift to the

Study of means by which people of a society use resources to satisfy their wants/needs.