Macro

A change in tastes of consumers that makes them desire more peanut butter (S/M) Demand

Shift over

A decrease in the price of jelly (a complement for peanut butter) (S/M) Demand

Shift over

A graphical object showing the relationship between the price of a good and the amount of the good that buyers are willing and able to purchase at various prices

Demand Curve

A decrease in the price of peanut butter (S/M) Demand

Movement along

An increase in the price of cereal (S/M) Supply

Movement along

The market for wheat does exhibit the two primary characteristics that define perfectly competitive markets (T/F)

True

GDP formula

Y=C+I+G+NX

A change in technology that makes it less costly to produce cereal (S/M) Supply

Shift

A table showing the relationship between the price of a good and the amount that buyers are willing and able to purchase at various prices

Demand schedule

In a perfectly competitive market, all producers sell___ goods or services. Additionally, there are ___ buyers and sellers. Because of these two characteristics, both buyers and sellers in perfectly competitive markets are___

Identical, Many, Price takers

The claim that, with other things being equal, the quantity demanded of a good falls when the price of that good rises

Law of Demand

GDP deflator

Nominal GDP/Real GDP x 100

The amount of a good that buyers are willing and able to purchase at a given price

Quantity Demanded

Two versions of GDP

Real and Nominal

A change in expectations about the future price of cereal (S/M) Supply

Shift

Inflation formula

new-initial/initial x 100