Econ Unit 2

Front

consumers will buy less of a good at a higher price and more of a good at a lower price

Back

law of demand

Front

which of the following is NOT a factor that changes demand: income, substitutes and complements, consumer tastes, cost of production

Back

cost of production

Front

demand or supply of a good that is sensitive to a change in price; follows law of demand and supply

Back

elastic demand/supply

Front

demand or supply of a good that will NOT CHANGE AMOUNT even if the price changes

Back

inelastic demand/supply

Front

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

Back

substitute

Front

goods that are bought and used together

Back

complement

Front

producers will offer more of a good when the price is high and less of a good 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

intersection of supply and demand curves; where supply and demand's prices and quantities are the SAME

Back

market equilibrium