Supply and Demand

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Causes a Change in Market Demand

Change in Population,Income,Taste,Expectations,and Price of Related Goods

Increase Supply

Cost of Resources Productivity Technology Subsidies (Government)

Supply Graph Curve

Various quantities of a good or service that producers are willing to sell at all possible prices

Quantity

X-axis

Proce

Y-axis

Creates Demand

Must want a Good or a Service Must be willing to buy the Good or Service Must have rhe resources to buy a Good or Service

Shortage

Not enough product

Surplus Signal

Price too high

Shortage Signal

Price too low

Demand Curve Graph

Shows the amount of product bought at all prices in a market

Equilibrium Price

Supply and Demand Meet

Upward;Left to Right

The Supply Curve slopes ______ from ______ _____ ______

Surplus

A lot of the product

Left;Right

A shift to the _____ on the Demand Curve means that Demand for that product or service will decrease. A shift to the _____ means that Demand will increase.

Left;Right

A shift to the ______ on the Supply Curve means that the product supplied will decrease. A shift to the ______ means that Supply will increase.

Downward;Left to Right

A demand curve slopes ________ from _______ _____ _____

Decrease Supply

Gov't Policies Taxes

Direct;Same

In Supply, the relationship between Price and Quantity is _____ - meaning price and quantity always move in same directions.

inverse;opposite

In demand,the relationship between Price and Quantity is _______- meaning price and quantity always move in ______ directions.

Law of Diminishing Marginal Utility

benefit gained from consuming one additional Good or Service

Elasticity of Demand

can put off buyin the product

Makes a product elastic

large # of substitudes

Marginal Utility

pleasure,usefulness, or satisfaction from using an item

Inelastic Product

product you need to have/buy

Compliment (demand)

related goods that go well with the original product

Elasticity of Supply

takes little time to produce

Substitute (demand)

takes the place of something/product


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