Supply and Demand Vocab Review

Front

Mr. Tonkli finds no tickets for the sold-out Cavs game. Why?

Back

The demand for tickets was greater than the supply.

Front

Central idea of supply and demand:

Back

Prices are determined by the interaction of producers and consumers.

Front

Price where quantity demanded equals quantity supplied.

Back

The Equilibrium Price

Front

Term for the quantity of a good/service consumers will buy at a specific price.

Back

Demand

Front

If the cost of computers falls, then...

Back

the demand for computers goes up.

Front

Goods/services available?

Back

supply

Front

Impact of California's large watermelon crop on price.

Back

Price will go down.

Front

Cold weather in Florida has reduced this year's orange crop to half. Effect on orange prices?

Back

The price will go up.

Front

Price of pumpkins after Halloween?

Back

Price will go down.

Front

Supply of cherries is low, demand is high. What happens to the price?

Back

The price will go up.