Chapter 3 (starting with supply and demand)

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Author:
aburke2012
ID:
270877
Filename:
Chapter 3 (starting with supply and demand)
Updated:
2014-04-17 02:02:06
Tags:
economics
Folders:
ENON 201
Description:
economics
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  1. market supply
    the sum of the quantities supplied by each seller in the market at each price
  2. Quantity supplied
    the amount of a good or service that producers are willing and able to sell at the current price
  3. law of supply
    states that, all other things being equal, the quantity supplied increases when the price rises, and the quantity supplied falls when the price falls
  4. Shifts in the supply curve
    The cost of inputs, changes in technology/production process, taxes and subsidies, the number of firms in the industry, price expectations
  5. equilibrium
    Quantity supplied = Quantity demanded
  6. law of supply and demand
    market prices adjust to bring the quantity supplied and the quantity demanded into balance
  7. surplus
    occurs whenever the quantity supplied is greater than the quantity demanded
  8. shortage
    occurs whenever the quantity supplied is less than the quantity demanded

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