Supply and Demand: Crash Course Economics #4 – Flashcards

Any place where buyers and sellers meet to exchange goods and services.

Buyers and Sellers willingly decide to enact a transaction.

The information that markets generate to guide the distribution of resources.

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.

Price on Y-axis, and quantity on X-axis. Demand curve goes down, while Supply curve goes up.

Price goes up, less people buy. Price goes down, more people buy.

Price goes up, more people want to produce. Price goes down, less people want to produce.

Price is too high. More people want to produce, and less people want to buy.

Price is too low. More people want to buy, and less people want to produce.

The price at which the quantity of a product offered is equal to the quantity of product in demand.

The quantity demanded or supplied at the equilibrium price.

1. Supply Can Decrease 2. Supply Can Increase 3. Demand Can Increase 4. Demand Can Decrease

"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."