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Home Page Social Science Human Geography Political Geography Ethnicity Supply and Demand: Crash Course Economics #4 - Flashcards

Supply and Demand: Crash Course Economics #4 – Flashcards

Rebecca Mallory
8 July 2022
13 test answers

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Market
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Any place where buyers and sellers meet to exchange goods and services.
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Voluntary Exchange
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Buyers and Sellers willingly decide to enact a transaction.
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Price Signals
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The information that markets generate to guide the distribution of resources.
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Business Ideology
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Businesses, and in particular large corporations, are often villainized as greedy, heartless institutions, that take advantage of consumers, but, if markets are transparent and buyers are free to choose, then businesses will have a hard time taking advanatage of people.
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Supply and Demand Chart
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Price on Y-axis, and quantity on X-axis. Demand curve goes down, while Supply curve goes up.
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Law of Demand
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Price goes up, less people buy. Price goes down, more people buy.
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Law of Supply
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Price goes up, more people want to produce. Price goes down, less people want to produce.
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Surplus
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Price is too high. More people want to produce, and less people want to buy.
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Shortage
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Price is too low. More people want to buy, and less people want to produce.
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Equilibrium Price
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The price at which the quantity of a product offered is equal to the quantity of product in demand.
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Equilibrium Quantity
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The quantity demanded or supplied at the equilibrium price.
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Four Market Behaviors:
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1. Supply Can Decrease 2. Supply Can Increase 3. Demand Can Increase 4. Demand Can Decrease
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World Health Organization Statement
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"Payment for...Organs is less likely to take unfair advantage of the poorest and most vulnerable groups, undermines altruistic donations and leads to profiteering and human trafficking."
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What is the right structure for an essay
Answer
A paragraph is a related group of sentences that develops one main idea. Each paragraph in the body of the essay should contain:
  • a topic sentence that states the main or controlling idea
  • supporting sentences to explain and develop the point you’re making
  • evidence from your reading or an example from the subject area that supports your point
  • analysis of the implication/significance/impact of the evidence finished off with a critical conclusion you have drawn from the evidence.