In each blank, try to type in the
word that is missing. If you've
typed in the correct word, the
blank will turn green.
If your not sure what answer should be entered, press the space bar and the next missing letter will be displayed. When you are all done, you should look back over all your answers and review the ones in red. These ones in red are the ones which you needed help on. Question: In a market economy, _______ and ________ determine the prices of most doos and the quantities produced.Answer: Question: The interaction between the buyers and sellers lead to an __________.Answer: Question: demandAnswer: the desire to own and the ability to pay for it Question: law of Answer: consumers buy more of a good when its decreases & less when its price increases Question: quantity demanded is not toAnswer: Question: the law of is the result of 2 behavior patternsAnswer: substitution effect Question: effectAnswer: when consumers react to an increase in price by pruchasing other Question: income Answer: a change caused by an in price that results in less purchases Question: purchasing Answer: the amount of goods that a unit of can buy at a given point in time Question: demand Answer: a that shows quantity demanded at each price Question: demand Answer: a that shows quantity demanded at each price Question: schedules and demand curves are important becauseAnswer: they predict how people will their buying habits when a price of a produt rises or falls Question: several _______ can change the demand for a good at any priceAnswer: Question: a change in causes the entire curve toAnswer: shift Question: Veblen (luxury goods)Answer: demand as the price increases/high quality, exclusive, status symbol Question: Ex. of Veblen Answer: , L.V. Question: do any not follow the law of demand?Answer: goods
expectation of future prices
emergencies Question: ex. of Answer: war, , pandemic Question: determinantsAnswer: refers to else Question: a ______ shows a change in demandAnswer: Question: at every price consumers buy a different _______ than they did beforeAnswer: Question: what causes a in the demand curve?Answer: (TONIE) Question: T----Tastes & Answer: whether people like a good more or less;
EX: 's Day---the demand for roses increases as people "like" roses more Question: O----Other Answer: when the demand for 1 good affects the on another good
EX: peanut butter and jelly
--compliments-----ski boots and skis
--substitutes-----snow board Question: N----Number of Answer: changes in ; when there are more buyers in a market, demand increases;
EX: Austin, TX Question: I----IncomeAnswer: affects demand for /when income changes, demand changes Question: normal Answer: goods consumers demand more of when increases Question: goodsAnswer: income increases caused demand for these to fall;
EX: Generic , used cars Question: E----ExpectationsAnswer: when expect a price increase in the future, the demand changes today Question: current demand for goods is directly related to their______?Answer: future Question: as prices ______, so will demand; as prices _______, so will demand;Answer: Question: of demandAnswer: 1) a measure of how react to a change in price
2) a measure of how sensitive quantity demanded is to that change in price Question: inelastic Answer: price change has little impact on quantity demanded;
quantity demanded is insensitive to a in price;
goods that have no substitutes and are often necessities Question: example of goodsAnswer: gas, necessities, medicine, staple Question: elastic Answer: a rise or fall in price greatly the amount people are willing to buy;
things we want but don't need Question: example of goodsAnswer: luxury items, that have many substitutes Question: understanding :
goalsAnswer: 1) understand the law of supply
2) interpret a supply graph and schedule
3) elasticity of supply Question: supplyAnswer: the amount of goods available;
the quantity of a business is willing and able to sell at various prices Question: quantity Answer: amount of a good offered for sale at a price Question: law of Answer: as prices go up, quantity supplied goes up;
as go down, quantity supplied goes down Question: Answer: what a makes from selling a product Question: incintiveAnswer: motivates in the market; motivates to sell Question: who the law of supply?Answer: increased production
market Question: production Answer: individual firms changing their of production Question: entryAnswer: firms entering or the market Question: scheduleAnswer: the relationship between price and quantity supplied for a specific good Question: of supplyAnswer: the measure of the way react to a change in price Question: ______ is a factor that determines whether a good will be elastic or inelasticAnswer: Question: in the short run, a firm cannot easily change its _________ levels drasticly, so supply is more _________Answer: Question: in the long run, firms are more _________ so supply is more _______Answer: Question: does not change supply...Answer: it quantity supplied Question: a change in supply is byAnswer: a change in Question: changes in : what affects it?Answer: 1) # of sellers in a market
2) level of technology used in a a goods production
3) the of inputs used to produce a good Question: changes in supply: what it?Answer: 4) the amount of gov't regulation in a ) the price of other goods sellers could produce
6) the expectations among producers of future prices Question: # of sellers in a ---Answer: if more sellers enter the market then will increase Question: level of technology used in a productionAnswer: reduce production cost
increase profit
create a supply Question: the prices of inputs used to a good---Answer: input--raw , labor, machinery Question: taxAnswer: a tax on the production and sale of a good;
ex: , tobacco, gas Question: Answer: gov't payment that supports a or market Question: example of the price of goods sellers could produceAnswer: change product or Question: the expectations among producers of pricesAnswer: hold inventory till price goes Question: Answer: where supply demand Question: equilibrium Answer: where quantity supplied equals quantity ;
a balance between price and quantity Question: quantityAnswer: the quantity supplied and at equilibrium prices Question: Answer: a outcome of the free market;
the market for a good is stable Question: price communicates theAnswer: Question: disequilibriumAnswer: when market price or supplied is anywhere but equilibrium;
quantity supplied isn't equal to quantity demanded Question: shortageAnswer: at current price, quantity demanded is greater than supplied;
ex: toilet paper during covid Question: surplusAnswer: when quantity supplied is greater than quantity demanded at prices Question: price Answer: gov't says min. price on a good or service;
ex: Question: ceilingAnswer: gov't says max. on a good or service;
ex: insulin |
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