ECONOMICS Supply and Demand Rising and Falling

If there is an increase in taxes, then supply will _____

If there is an increase in taxes, the supply will DECREASE

If there is an increase in the number of producers, the supply will ____

If there is an increase in the number of producers, the supply will INCREASE

If there is an increase in technology, then supply will ____

If there is an increase in technology, then supply will INCREASE.

What are the 5 reasons that demand shifts or changes?

Changes In... The popularity of a produce (consumer taste) The number of consumers The price of related goods Consumer income Consumer expectation

4 Reasons Why Supply Shifts

Changes in... Price of Resources Technology Increase The number of producers Government Tools

If a government gives a subsidy to a producer, the supply will ____

If a government gives a subsidy to a producer, the supply will INCREASE

If a product becomes less popular, demand ____

If a product becomes less popular, demand DECREASES

If a product becomes more popular, demand _______

If a product becomes more popular, demand INCREASES

If income decreases, what will happen to the demand for the inferior goods?

If income decreases, the demand for inferior goods will INCREASE.

If the income increases, what will happen to the demand for the inferior product?

If the income increases, the demand for the inferior product will DECREASE.

If the price of resources decreases, then the supply will ____.

If the price of resources decreases, then the supply will INCREASE.

If the price of resources increases, then the supply will ______.

If the price of the resources increases, then the supply will DECREASE.

If the price on a product decreases, what will happen to the demand for the complementary product?

If the price on a normal product decreases, the demand for the complementary product will INCREASE

If the price on a normal product increases, the demand for the complementary product _____

If the price on a normal product increases, the demand for the complementary product DECREASES

If the price on a product increases, the demand for the substitute market will _____

If the price on a product increases, the demand for the substitute market will INCREASE

If there are less consumers, demand ____

If there are less consumers, demand DECREASES

If there are more consumers, demand _____

If there are more consumers, demand INCREASES

If there is an decrease in taxes, then supply will ____

If there is a decrease in taxes, then supply will INCREASE

If there is a drop in consumer income, the demand for the normal product ____ and the demand for the inferior product ____.

If there is a drop in consumer income, the demand for the normal product DECREASES and the demand for the inferior product INCREASES.

If there is a drop in the number of producers, the supply will ____

If there is a drop in the number of producers, the supply will DECREASE

If there is a lowering in price of a normal good, there will be an ____ in demand for its compliment and a _____ in demand for its substitute.

If there is a lowering in price of a normal good, there will be an INCREASE of demand for its compliment and a DECREASE in demand for its substitute.

If there is a rise in consumer income, the demand for the normal product ____ and the demand for the inferior product ____.

If there is a rise in consumer income, the demand for the normal product INCREASES and the demand for the inferior product DECREASES.

If there is a rise in price of a normal good, there will be a _____ demand for its compliment and an ____ demand for its substitute.

If there is a rise in price of a normal good, there will be a DECREASE in demand for its compliment and an INCREASE in demand for its substitute.

If there is an expected decrease in the price in the future, consumer demand will ____.

If there is an expected decrease in the price in the future, consumer demand will DECREASE.

If there is an expected increase in price in the future, consumer demand will _____.

If there is an expected increase in price in the future, consumer demand will INCREASE.