Supply and Demand - Economics

What is the willingness to buy a good or service and the ability to pay for it?

• Supply

• Demand

• Economics

• Socialism

When prices go down, quantity demanded increases; when prices go up, quantity demanded goes down.

• Law of Demand

• Law of Supply

• Social Darwinism

• Population Control

A listing of how much of an item an individual is willing to purchase at each price.

• Market Supply Schedule

• Supply Schedule

• Demand Schedule

• Demand Curve

A listing of how much of an item all consumers are willing to purchase at each price.

• needs

• wants

• Market Supply Schedule

• Market Demand Schedule

Who reinvented the way brides buy dresses by focusing on meeting the demand of a new style of dress

• Vera Wang

• Walt Williams

• Katie Couric

• Megan Kelly

States that the marginal benefit of using each additional unit of a product during a given period will decline.

• Income Effect

• Utility

• Law of Diminishing Marginal Utility

• Inspiration

The change in the amount that consumers will buy because the purchasing power of their income changes

• Incentives

• Income Effect

• Economize

• Substitution Effect

Pattern of behavior that occurs when consumers react to change in the price of a good or service by buying a substitute product.

• Income Effect

• Utility

• Economize

• Substitute Effect

An increase or decrease in the amount demanded because of the change in price

• Motivation of Choice

• Change in quantity demanded

• Inferior Goods

• None of the above

Occurs when something prompts consumers to buy different amounts at every price

• Trade off

• Change in demand

• Normal Goods

• Marginal Benefit