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Supply and Demand

  •  English    19     Public
    Supply and Demand Review
  •   Study   Slideshow
  • Complementary goods are:
    Goods that are purchased together
  •  15
  • What is an elastic good?
    Demand is price sensitive, a want.
  •  15
  • What is an inelastic good?
    Demand is not price sensitive, a need.
  •  15
  • What does ceteris paribus mean?
    all other things held constant.
  •  20
  • A table describing the prices and quantities supplied of a given produce.
    Supply Schedule
  •  15
  • The supply curve goes... (up or down)
    up
  •  5
  • The demand curve goes... (up or down)
    down
  •  5
  • Give an example of an inferior good.
    Any off brand
  •  10
  • Give an example of a normal good.
    Any name brand
  •  15
  • _____ are goods that can be purchased in place of one another.
    Substitutes
  •  20
  • A table describing the prices and quantities demanded of a given produce.
    Demand Schedule
  •  15
  • The concept that as price goes up, demand goes down...and vice versa
    Law of Demand
  •  10
  • What two things must you have to be considered part of demand?
    willing and able
  •  15
  • Name three of the six determinates of demand
    income, number of buyers, preference, complements, substitutes, future price.
  •  25
  • Draw a decrease in the demand curve.
    shifts left
  •  10
  • The law of supply states, as price increases...
    supply increases
  •  10