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