WorksheetsUnit 3 Vocab
Total questions: 10
Worksheet time: 7mins
Legal maximum price for a product
Variable Input
Equilibrium
Price Ceiling
A resource or factor of production that CAN be changed by a firm
Complement
Variable Input
Supply
The combination of quantities that someone would be willing and able to buy over a range of possible prices given at that very moment
Price Floor
Variable Input
Demand
Two items that are bought and used together
(a)
The point where supply and demand meet
"sweet spot"
Disequilibrium
Demand
Equilibrium
Competing goods that can be used in place of another
(a)
Total amount of a specific good or service
Supply
Equilibrium
Variable Input
A resource or factor or production that cannot be changed in a certain period of time
(ex) factories
Fixed Input
Variable Input
Demand
If the market for quantity supplied or demand is anywhere BUT the equilibrium
Disequilibrium
Fixed Input
Price Floor
Legal minimum price for a product
(a)
