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