Lecture IV "Demand/Supply changes" Flashcards
1
Q
Everything’s balanced, supply = demand
A
Equilibrium
2
Q
When price/quantity of a product or service changes
A
“Shifting”
3
Q
Later
A
Moving
4
Q
Try
A
Law of demand
5
Q
The
A
Demand shifters
6
Q
The
A
Substitutes
7
Q
The
A
Compliments
8
Q
Four shifters
A
Normal Goods, Inferior Goods, Number of Buyers, Consumer tastes
