Level 1
Level 2

Demand and Supply


14 words 0 ignored

Ready to learn       Ready to review

Ignore words

Check the boxes below to ignore/unignore words, then click save at the bottom. Ignored words will never appear in any learning session.

All None

Ignore?
Market
A place where buyers and sellers come to make an economic transaction
Demand
Quantity of goods and services a consumer is willing to buy at a given price and time
Law of Demand
As the price of a product falls, the quantity demanded will increase
Price Determinant of Demand
Shift along the demand curve
Non-price Determinant of Demand
Shift of the demand curve
Normal Goods
Income rises, demand will rise
Inferior Goods
Income rises, demand will fall
Substitutes
Decrease in price of product A decreases demand of product B
Complements
Decrease in price of product A increases demand of product B
Supply
Quantity of goods and services a producer is willing to sell at a given price and time
Law of Supply
As the price of a product rises, the quantity of the product will usually increase
Price Determinant of Supply
Shift along the supply curve
Non-price Determinant of Supply
Shift of the supply curve
Utilitarianism
A philosophy that the best choice for a market is to maximize satisfaction
Level 3