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Supply and Demand
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Costs that change due to the rise and fall of production.
Variable Costs
Costs of production that do not change.
Fixed Costs
Give an example of an exception to supply.
Anything that has been discontinued or can not be produced
The law of supply states, as price increases...
supply increases
Draw a decrease in the demand curve.
shifts left
Name three of the six determinates of demand
income, number of buyers, preference, complements, substitutes, future price.
What two things must you have to be considered part of demand?
willing and able
The concept that as price goes up, demand goes down...and vice versa
Law of Demand
A table describing the prices and quantities demanded of a given produce.
Demand Schedule
_____ are goods that can be purchased in place of one another.
Substitutes
Give an example of a normal good.
Any name brand
Give an example of an inferior good.
Any off brand
The demand curve goes... (up or down)
down
The supply curve goes... (up or down)
up
A table describing the prices and quantities supplied of a given produce.
Supply Schedule
What does ceteris paribus mean?
all other things held constant.
What is an inelastic good?
Demand is not price sensitive, a need.
What is an elastic good?
Demand is price sensitive, a want.
Complementary goods are:
Goods that are purchased together
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