Unit 2 Review

Front

Main components of demand:

Back

Desire and Ability

Front

Law of demand: As prices rise, demand...

Back

Goes down

Front

Demand curve x-axis?

Back

Price

Front

Market demand curve represents:

Back

All consumers' demand

Front

Demand curve shift with increased demand:

Back

Right

Front

Factors affecting demand: Income, Tastes, Prices of related goods.

Back

Production cost

Front

Substitute goods:

Back

Goods that can easily replace one another.

Front

Effect of one good's price rise on its complement's demand.

Back

Demand for the complement decreases.

Front

Law of supply: As prices rise,

Back

Supply increases.

Front

X-axis of supply curve?

Back

Quantity supplied