Supply and Demand Concepts

Front

business or person that makes a product or provides a service

Back

producer

Front

positive relationship between the price of an item and the quantity producers are willing to make

Back

law of supply

Front

quantity demanded is greater than quantity supplied

Back

shortage

Front

Price at which quantity supplied is equal to the quantity demanded.

Back

equilibrium

Front

Factor that can impact the demand for a given product or service.

Back

shifter

Front

Inverse relationship between price of product and quantity demanded

Back

law of demand

Front

Quantity supplied is greater than quantity demanded

Back

Surplus

Front

economic problem where there are unlimited wants/needs, but limited resources

Back

scarcity