Formative Assesments 3\ Flashcards
1
Q
State the acronym for the six shifters of demand.
A
INSECT
2
Q
state the acronym for the six shifters of supply
A
RENTS
3
Q
What is the definition of supply
A
Supply is the quantity of goods or services that a producer is willing and able to sell at a particular price and time
4
Q
What is the law of demand
A
As the price of a specific good increases, the lower the quantity demanded
5
Q
What is the law of supply
A
As the price for a specific good increases the more the producers can supply
6
Q
what are the abbreviations for the shifters of demand?
A
Income
Number of buyers
Substitution
Expectations
Compliments
Taste
7
Q
what are the abbreviations for the six shifters of suppy?
A
Resources
Expectations
Number of producers
Technology
Subsides and taxes
8
Q
A
