Economics Unit 2 Review

combination of desire, ability, and willingness to buy a product

• Law of Demand

• demand

• supply

• equilibrium price

rule stating that more will be demanded at lower prices and less at higher prices

• demand curve

• Law of Supply

• surplus

• Law of Demand

graph showing the quantity demanded at each and every possible price that might prevail in the market at a given time

• supply

• subsidy

• demand curve

• monopoly

the different amounts offered for sale at each possible price in the market

• supply

• Law of Supply

• Law of Demand

• demand

principle that more will be offered for sale at higher prices than at lower prices

• subsidy

• Law of Demand

• Law of Supply

• equilibrium price

government payment to encourage or protect a certain economic activity

• surplus

• oligopoly

• equilibrium price

• subsidy

price where quantity supplied equals quantity demanded

• equilibrium price

• monopoly

• Law of Supply

• Law of Demand

situation where quantity supplied is greater than quantity demanded at a given price

• demand

• surplus

• subsidy

• monopoly

market structure characterized by a single producer in a market

• monopoly

• Law of Demand

• Law of Supply

• oligopoly

market structure in which only a few large sellers dominate and have the ability to affect prices in an industry

• surplus

• subsidy

• monopoly

• oligopoly