Demand + Supply Flashcards
1
Q
demand def
A
the quantity of a good or service that consumers choose to BUY at any possible price in a given period
2
Q
supply def
A
the quantity of a good or service that firms choose to SELL at any possible price in a given period
3
Q
reason for movements along the curves
A
changes in price
4
Q
movements along curves are called
A
extension and contractions
5
Q
reasons for shift in supply
A
P productivity I indirect tax N number of firms T technology S subsidies
W weather
C costs of production
6
Q
reasons for shift in demand
A
C complements R real income I income tax S substitutes P population
C redit facilities
A advertising and branding
T tastes and fashion
