Economy Part B

Question 1

Demand

Answer 1

The amount of a good or service that people are able and willing to buy at various prices during a geven time

Question 2

Amount

Answer 2

How much consumers are willing to buy

Question 3

Willing to buy

Answer 3

Consumers must be willing to buy

Question 4

Able to buy

Answer 4

Consumers must the ability(money) to buy

Question 5

Price

Answer 5

The quantity that consumers are willing and able to buy

Question 6

Law of demand

Answer 6

As price increases quantity demanded increases

Question 7

Demand shifters

Answer 7

A factor over than price that can cause a Change in demand
The number of consumers-seasonal
Consumer income-recession Will change amount of income
Consumers tastes and preferences- change
Price of substitute goods- burritos vs. Taco’s

Question 8

Supply

Answer 8

Amount f a good or service that producers are willing and able to sell at vaious prices at a given time period.

Question 9

Law of supply

Answer 9

As the price of a good or service increases, the quantity supplied increases.

Question 10

Supply shifters

Answer 10

A factor other than price that can cause a change in supply for goods and services.
Number of suppliers-companies making the product
Cost of Natural resources-record harvest or fungas or fire
Natural disaster-weather or water or Earthquakes
Technology-new machines
Goverment actions-taxes and subsidies-goverment awarding money to a certain industry

Question 11

Market

Answer 11

A place where buyers and Sellers of the same good or service pcome together.

Question 12

Equilibrium price

Answer 12

The price that the marketplace sets for a good or service

Question 13

Economice Roel of prices

Answer 13

Price dries the market for goods and services