Ch.2 (Supply and Demand) Flashcards
1
Q
supply refers to …
A
the quantity of products that manufacturers or owners are willing to sell at different prices at a specific time
2
Q
generally speaking, the amount supplied will increase as … because …
A
the price increases because sellers can make more money with a higher price
3
Q
demand refers to …
A
the quantity of products that people are willing to buy at different prices at a specific time
4
Q
generally speaking the quantity demand will increase as …
A
the price decreases
5
Q
market price is determined by …
A
supply and demand
