supply schedule
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a table that shows the relationship between the price of a good and the
quantity supplied
how to face a shortage
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sellers raise price
price elasticity of demand
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how much the quantity demanded of a good responds to a change in its
price - price-sensitivity of buyers' demand
economics
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the study of how society manages its scarce resources
the price of trade
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must lie between the two opportunity costs
Principle 8
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, A country's standard of living depends on its ability to produce goods and
services
broadly defined goods have a higher or lower elasticity
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lower
substitutes cross price elasticity
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greater than 0
opportunity cost
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whatever must be given up to obtain some item
how to face a surplus
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, sellers cut price until market reaches equilibrium
normal good elasticity
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income elasticity >0
microeconomics
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the study of how households and firms make decisions an how they interact
in markets
principle 1
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People face trade-offs
positive statements
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Give this one a try later!
a table that shows the relationship between the price of a good and the
quantity supplied
how to face a shortage
,Give this one a try later!
sellers raise price
price elasticity of demand
Give this one a try later!
how much the quantity demanded of a good responds to a change in its
price - price-sensitivity of buyers' demand
economics
Give this one a try later!
the study of how society manages its scarce resources
the price of trade
Give this one a try later!
must lie between the two opportunity costs
Principle 8
Give this one a try later!
, A country's standard of living depends on its ability to produce goods and
services
broadly defined goods have a higher or lower elasticity
Give this one a try later!
lower
substitutes cross price elasticity
Give this one a try later!
greater than 0
opportunity cost
Give this one a try later!
whatever must be given up to obtain some item
how to face a surplus
Give this one a try later!
, sellers cut price until market reaches equilibrium
normal good elasticity
Give this one a try later!
income elasticity >0
microeconomics
Give this one a try later!
the study of how households and firms make decisions an how they interact
in markets
principle 1
Give this one a try later!
People face trade-offs
positive statements
Give this one a try later!
