Economics Unit 3 Test: Supply and Demand – Flashcards
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The various amounts of a product that producers are willing and able to offer and sell at all prices.
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Supply
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A schedule or curve that shows the various amounts of a product that consumers are willing and able to purchase at each of the possible prices.
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Demand
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As price rises, quantity supplies rises
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Law of supply
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As goes down, demand goes up.
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Law of demand
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A pen is a __________ good for a pencil.
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Substitute
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Headphones are a ________ good to an iPod.
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Complementary
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If customers of a clothing store know that a sale is coming up, their demand for clothing will increase/decrease until the sale.
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decrease
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If the price of Fitbits decreases the demand will _________.
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increase
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If the price of paint decreases the demand for paintbrushes will _________.
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increase
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The amount of a good or service that producers are willing and able to sell at a specific price.
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Quantity supplied
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T/F? If the number of producers increases, so will the supply.
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T
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T/F? An increase in efficiency results in a decrease in supply.
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F
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Tariffs, quotas, and trade agreements can lead to a(n) ________ in supply.
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decrease
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What are the factors of production?
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land, labor, capital
