U2: Unit 3: Market Pricing

Front

Product Market

Back

The market in which households produce the goods and services that firms produce

Front

Supply

Back

The quantity of something that producers have available for sale

Front

Demand

Back

The quantity of a good or service that consumers are willing and able to buy

Front

Equilibrium

Back

A point where everything is balanced

Front

Demand Determinants

Back

Tastes, Income, Population, Substitutes and Complements (TIPSC)

Front

Supply Determinants

Back

Land, Labor and Capital

Front

Price

Back

The amount of money exchanged for a good or service

Front

Quantity

Back

The amount that can be sold in a product market

Front

Shift of a supply curve

Back

A change in the cost of land, labor, and capital (production materials)

Front

Shift of a demand curve

Back

A change in tastes, income, population, substitute and complement prices (TIPSC)