CP Econ Unit 2

Front

What economic law says that consumers will buy more goods when the price is low, and less goods when the price is high?

Back

law of demand

Front

Which of the following is NOT a cause of a change in the demand curve?
income- how much money people make
Trends/popularity
cost of production

Back

cost of production

Front

What does it mean if supply and demand is sensitive to a change in price?

Back

elastic demand/supply

Front

What does it mean if you will continue to buy the same amount of an item, no matter if the price is higher or lower, like gas?

Back

inelastic demand/supply

Front

What good used in place of another, especially if the price of the original item is high?

Back

substitute

Front

What are goods that are bought and used together called?

Back

complement

Front

What economic law says that producers will offer more goods when the price is high and less goods when the price is low?

Back

law of supply

Front

When supply or demand increases, the whole curve will move to the ________?

Back

right

Front

When supply or demand decreases, the whole curve will move to the ________?

Back

left

Front

What is the point where supply and demand's prices and quantities are the SAME or EQUAL called?

Back

market equilibrium