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WorksheetsMr. Brown's Econ E03 Class Terms
Total questions: 26
Worksheet time: 13mins
There are many buyers and sellers of the same good or service, none of whom can influence the price at which the good or service is sold.
demand curve
consumer surplus
Competitive Market
Monopoly
A model to show how a competitive market works
demand quantity
market shift
equlibrium model
supply and demand model
A change in the quantity supplied of a good or service at any given price, represented graphically by the change of the original supply curve to a new position, denoted by a new supply curve
supply curve
demand curve
law of supply
shift of the supply curve
surplus is
the quantity of a good or service bought and sold at the equilibrium price
excess of a good or service, supply exceeds demand
minimum price buyers are required to pay for a good or service
insufficiency of a good or service, demand exceeds supply
Price at which the the quantity of a good or service demanded equals the quantity of that good or service suppled
Market Price
Normal Price
Input
Equilibrium Price
Supply Curve
a list or table showing how much of a good or service producer will supply at different prices
shows the relationship between quantity supplied and price
curve showing the effect of demand
show the effect of surplus
What is used in the production process to produce something
input
output
supply
quantity demanded
Cause of surplus
inelasticisity
deadweight loss
quantity demanded is greater than quantity supplied
quantity supplied is greater than quantity demanded
Five principles that shift supply curve-include all except:
changes in input prices
changes in technology
change in the number of producers
change in income
5 principles that shift demand include all except
changes in income
changes in the prices of related goods or services
changes in the number of producers
changes in the number of consumers
shortage
minimum price buyers are required to pay for a good or service, a form of price control
static quantity of a good or service when its price changes, when a price goes up or down consumers buying habits remain the same
when the price of elasticity of demand is less than 1
the insufficiency of a good is demanded exceeds the quantity supplied
minimum price buyers are required to pay for a good or service, a form of price control
price floor
price ceiling
elasticity
willingness to pay
principle that a higher price for a good or service, all other things equal, leads people to demand a smaller quantity of that good or service
black market
price ceiling
law of demand
market economy
graphical representation of the relationship between quantity demanded and price of an individual consumer
supply curve
demand schedule
demand curve
outputs
Individual demand curve
graphical representation of the relationship between quantity demanded and price
doesn't exist
graphical representation of the relationship between quantity demanded and price for an individual consumer
a list or table showing how much of a good or service producers will supply
A list or table showing how much of a good or service producers will supply at different prices
supply curve
inputs
quantity supplied
supply schedule
The quantity of a good or service bought and sold at the equilibrium price
equilibrium price
equilibrium amount
equilibrium quantity
equilibrium demand curve
Examples of inputs are all except
finished goods
capital
labor
land
Examples of compliments in Economics:
hot dogs and pancakes
candles and vacuums
printers and ink cartridges
pizza and soda
If Price Elasticity of Demand is less than 1
PED is inelastic
PED is elastic
price controls
elasticity
The degree to which individuals, consumers, or producers change their demand or the amount supplied in response to price or income changes
sonsumer surplus
unit elastic demand
willingness to pay
elasticity
If the quantity demanded changes a lot when prices change a little, a product is said to be
total surplus
inelastic
elastic
black market
These goods and services generally have plenty of substitutes. As these service/good's price increases, the quantity demanded of that good can drop fast.
surplus
elastic
price control
black market goods
Refers to the static quantity of a good or service when its price changes; when a price goes up or down consumers buying habits remain the same
elasticity
inelasticity
surplus
demand
This shows inelastic demand because
demand is strongly influenced by price
demand is not influenced by price
demand is dependent on price
supply and demand correlate
the loss in total surplus that occurs whenever an action or a policy reduces the quantity transacted below the efficient market equilibrium quantity.
economic loss
deadweight loss
inelasticity of demand
price control
