Chapter 3 example #70454

a schedule or curve that shows the various amount of products that consumers are willing and able to purchase at each of a series of possible prices during a specific period of time.

a negative or inverse relationshop between price and quantity demanded. For example, other things equal, as prices falls, quantity demanded rise and as prices rises, quantity demanded falls

It reflects the law of demand, people buy more of a product, service, or resource as its price fall.

foreign currency exchange.

Shows the quantities of a product that will be purchase at various possible prices, other things equal.

Others factors that can and do affect purchases, sometimes refer to as demand shifters, bc they shift the demand curve right or left

1)consumers tastes 2)number of buyers 3)consumers' income 4) price of related goods 5) consumer expectation bc they are "other things equal" in the inverse relationship between price and quantity demanded, when these change, it shifts the demand curve right or left

products whose demand varies directly with money income

products whose demand varies inversely with money income

a schedule or curve showing the various amounts of a product that producers are willing and able to make available for sale at each of a series of possible prices during a specific period of time.

A direct or positive relationship between price and quantity supplied. As prices rises, quantity supplied rises; as price falls, quantity supplied falls.

producers offer more of a good, service, or resource for sale as its prices rises. The relationship between price and quantity supplied is positive, or direct

the added cost of producing one more unit of output

1)Resource Prices 2)Number of Sellers 3)technology 4) Taxes and subsidies 5) Price of other goods( a substitute or complementary good) 6)Producers Expectation Any changes in these determinants will shirt the supply curve

a change in the schedule and a shift of the curve

a movement from one point to another on a fixed supply curve

the price where the intentions of buyers and sellers match. price where quantity demanded = quantity supplied

the quantity at which the intentions of the buyers and sellers match, so that the quantity demanded equals the quantity supplied

one that can be used in place of another

one that is used together with another good

the vast majority of goods are not related to one another.

A minimum price fixed by the government