Demand, Supply, and Price: Fill in the blank
according to the competitive price theory, competition among ________ prevents the price of goods from falling too far
buyers
the way people think about the future and make decisions is called a _______ ___ __________ which can influence the demand curve
change in expectations
golf clubs and golf balls are __________ for one another. an _________ in the price of one leads to a _________ in demand for the other.
complements; increase; decrease
combines the demand and supply curves
complete market model
because buyers and sellers have opposite hopes and desires, _________ is necessary
compromise
a left shift in the demand curve indicates a ________ in demand
decrease
a list that shows the various quantities demanded of a particular product at all prices that might prevail in the market at a given time
demand schedule
________ alone is not enough to create demand
desire
demand is the _________, _______, and _____________ to buy a product
desire; ability; willingness
according to _____________ __________ ________ you have decreasing satisfaction or usefulness as you acquire additional units of a product
diminishing marginal utility
a surplus usually leads to prices going ______
down
according to the law of demand, when price goes up, demand goes ______ and when price goes _______, demand goes up
down; down
if the cost of inputs goes up, supply goes ______ and if the cost of inputs does down, supply goes _____
down; up
demand curves are always_____________ sloping
downward
used to analyze and predict economic behavior
economic model
"clears" the market, leaving neither a shortage nor a surplus
equilibrium price
what do we call the graphical representation of the supple schedule
individual supply curve
states that the quantity demanded of a good or service varies inversely with its price
law of demand
according to the _____ ___ ______ sellers will generally offer more for sale at high prices and less for sale at lower prices
law of supply
the supply curve shifts to the ______ when sellers impacts the market supply curve more than an individual supply curve
left
refers to the satisfaction or usefulness obtained from acquiring one more unit of a product
marginal utility
combining all individual demand curves results in the _________ demand curve
market
when the quantity of goods supplied is equal to the quantity of goods demanded we can say _______ __________ has been reached
market equilibrium
a combination of all of the individual supply curves is called a
market supply curve
the area of economics that deals with behavior and decision making by small units
microeconomics
price is considered to be both _________ and __________ because everyone who participates plays role in the final outcome
neutral; impartial
migration, immigration, and the baby boom are all examples of a change in the ________ ___ __________ which can influence the demand curve
number of consumers
a change in the ________ ___ _________ impacts the market supply curve more than an individual supply curve
number of sellers
a change demand can cause a change in
price
a change in ______ results when people are willing to buy different amounts of the product at the same prices
price
a change in supply can cause a change in
price
is the monetary value of a product as established by supply and demand
price
refers to how motivated, trained, or happy your workers are
productivity
a change in _________ _______ indicates a change in the amount supplied. this shows a movement _______ the supply curve
quantity supplied; along
a _______ shift in the demand curve indicates an increase in demand
right
a decrease in government regulations causes the supply curve to shift to the ______
right
if consumer income increases, in which direction will we see the demand curve shift?
right
a _______ shift indicates an increase in supple and a ______ shift indicates a decrease in supply
right; left
prices and quantities are said to have a direct relationship because they move in the _______ direction
same
according to the competitive price theory, _______ compete to meet consumer demands which ultimately keeps prices low
sellers
occurs when the quantity demanded is greater than the quantity supplied at a given price
shortage
a change in quantity demanded results in movement _______ the demand curve
along
the graphical representation of the demand schedule
individual demand curve
are rules about how companies conduct business
government regulations
a higher demand results in a _______ price and a lower demand results in a _______ price
higher; lower
a lower supply will result in a _______ price and a larger supply will result in a _______ price
higher; lower
the supply curve is always _______ sloping
upward
are government payments to individuals or businesses. generally they cause the supply curve to shift to the ______
subsidies; right
coffee and tea work as _________ for one another. an ________ in the price of one leads to an ________ in demand for the other
substitutes; increase; increase
a change in ________ occurred when producers offer different amounts of products for sale at all possible prices in the market
supply
the amount of a product that would be offered for sale at all possible prices that could prevail in the market
supply
a listing of the various quantities of a particular product supplied at all possible prices in the market
supply schedule
a situation in which the quantity supplied is greater than the quantity demanded at a given price is called a
surplus
people watching more reality based tv programs rather than sit coms is an example of
tastes/ preferences
are required payments to the government; generally they cause the supply curve to shift to the ______
taxes; left
usually shifts the supply curve to the right because it generally lowers the cost of production
technology
a shortage usually leads to prices going ______
up