Save
Busy. Please wait.
Log in with Clever
or
show password
Forgot Password?
Don't have an account?  Sign up 
Sign up using Clever
or
Username is available taken
show password


Make sure to remember your password. If you forget it there is no way for StudyStack to send you a reset link. You would need to create a new account. Your email address is only used to allow you to reset your password. See our Privacy Policy and Terms of Service.

Already a StudyStack user? Log In

Reset Password
Enter the associated with your account, and we'll email you a link to reset your password.
focusNode
Didn't know it?
click below
 
Knew it?
click below
Don't Know
Remaining cards (0)
Know
0:00
edit
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.

  Normal Size     Small Size show me how

mac econ

chapter 2 vocab

QuestionAnswer
Supply The willingness and ability of sellers to provide goods for sale in a market.
Demand The willingness and ability of buyers to purchase goods.
Law of Demand The principle that an inverse relationship exists between the price of a good and the quantity of that good that buyers demand, other things being equal.
Demand Curve A graphical representation of the relationship between the price of a good and the quantity of that good that buyers demand.
Change in quantity demanded A change in the quantity of a good that buyers are willing and able to purchase that results from a change in the good's price, other things being equal; shown by a movement from one point to another along a demand curve.
Change in demand A change in the quantity of a good that buyers are willing and able to purchase that results from a change in some condition other than the price of that good; shown by a shift in the demand curve.
Substitute goods A pair of goods fro which an increase in the price of one causes an increase in demand for the other.
Complementary goods A pair of goods for which an increase in the price of one results in a decrease in demand for the other.
Normal good A good for which an increase in consumer incomes results in consumer incomes results in a decrease in demand.
Inferior Good A good for which an increase in consumer incomes results in a decrease in demand.
Law of Supply The principle that a positive relationship exists between the price of a good and the quantity of that good that sellers offer, other things being equal.
Supply curve A graphical representation of the relationship between the price of a good and the quantity of that good that sellers are willing to supply.
Change in quantity supplied A change in the quantity of a good that suppliers are willing and able to sell that results from a change in the good's price, other things being equal; shown by a movement along a supply curve.
Change in supply A change in the quantity of a good that suppliers are willing and able to sell that results from a change in some condition other than the good's price; shown by a shift in the supply curve.
Equilibrium A condition in which buyers' and sellers' plans exactly mesh in the marketplace, so that the quantity supplied exactly equals the quantity demanded at a given price.
Excess quantity demanded (shortage) A condition in which the quantity of a good demanded at a given price exceeds the quantity supplied.
Inventory A stock of a finished good awaiting sale or use.
Excess quantity supplied (surplus) A condition in which the quantity of a good supplied at a given price exceeds the quantity demanded.
Created by: fugue009
Popular Business sets

 

 



Voices

Use these flashcards to help memorize information. Look at the large card and try to recall what is on the other side. Then click the card to flip it. If you knew the answer, click the green Know box. Otherwise, click the red Don't know box.

When you've placed seven or more cards in the Don't know box, click "retry" to try those cards again.

If you've accidentally put the card in the wrong box, just click on the card to take it out of the box.

You can also use your keyboard to move the cards as follows:

If you are logged in to your account, this website will remember which cards you know and don't know so that they are in the same box the next time you log in.

When you need a break, try one of the other activities listed below the flashcards like Matching, Snowman, or Hungry Bug. Although it may feel like you're playing a game, your brain is still making more connections with the information to help you out.

To see how well you know the information, try the Quiz or Test activity.

Pass complete!
"Know" box contains:
Time elapsed:
Retries:
restart all cards