Supply and Demand
Flashcard
•
Social Studies
•
12th Grade
•
Practice Problem
•
Hard
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1.
FLASHCARD QUESTION
Front
As additional units of a product are consumed, during a given period of time, the additional satisfaction decreases.
Back
Law of Diminishing Marginal Utility
2.
FLASHCARD QUESTION
Front
The change in consumption resulting from a change in real income. The effect increasing or decreasing prices has on the buying power of income (Y), holding income constant.
Back
Income Effect
3.
FLASHCARD QUESTION
Front
When consumers react to an increase in a good's price by consuming less of that good and more of other goods. As price of a substitute good rises, the demand for its replacement good rises.
Back
Substitution Effect
4.
FLASHCARD QUESTION
Front
The quantity of goods supplied will be greater at a higher price than it will be at a lower price.
Back
Law of Supply
5.
FLASHCARD QUESTION
Front
Any factor that can change
Back
Variable
6.
FLASHCARD QUESTION
Front
Quantities of a product or service that a firm is willing and able to make available for sale at various prices.
Back
Effective Supply
7.
FLASHCARD QUESTION
Front
Total quantity of a product or service that all firms in a market will make available for sale at various prices.
Back
Market, Aggregate, or Industry Supply
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