Supply and Demand from Quizlet
Quiz by Mark Stegall
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- Q 1/34Score 0How much of a good or service people will buy at a set price.29Demand
34 questions
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- Q1How much of a good or service people will buy at a set price.Demand30s
- Q2The amount of goods or services a business is willing to produce and sell at a set price.Supply30s
- Q3Voluntary exchange of goods and services between buyers and sellers.Market30s
- Q4As the price of something goes up, the less buyers want it.Law of Demand30s
- Q5People are only willing to pay so much for stuff.Quantity Demanded30s
- Q6If a product goes up in price and the buyers income stays the same, they won't be able to buy as much of it.Real Income Effect30s
- Q7Economic rule stating that if two items satisfy the same need and the price of one rises, people will buy the other.Substitution30s
- Q8The ability of any good or service to satisfy consumer wantsUtility30s
- Q9The more of the same thing you get, the less joy you get from it.Marginal Utility30s
- Q10Table showing quantities demanded at different prices.Demand Schedule30s
- Q11DOWNWARD SLOPING LINE that shows quantity demanded at different prices on a graphDemand Curve30s
- Q12a change in price moves demand to a different spot on the demand curveA change in demand30s
- Q13The demand curve shifts moving the whole line to a different spot on the graph when some big change happens.A shift in demand30s
- Q14Increase in demandShifts to the RIGHT30s
- Q15Decrease in demandShifts to the LEFT30s
