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Microeconomics > Supply and Demand > Flashcards

Supply and Demand Flashcards

1
Q

What is supply

A

The amount of goods & services that are willing & able to produce at a Given Price at a Given Time

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2
Q

What is demand

A

The amount of goods & services that are willing & able to purchase at a Given Price at a Given Time

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3
Q

what kind of relationship does supply price have

A

Positive

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4
Q

what kind of relationship does Demand price have

A

Negative

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5
Q

what causes Movement along the supply curve

A

Price

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6
Q

what causes movement along the demand curve

A

Price

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7
Q

what are the factors that cause a shift in supply

A

Productivity
Weather
Cost of production
Technology
(P.W.C.T)

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8
Q

what are the factors that cause a shift in demand

A

income
Price of other goods
Advertising
Legislation
Tastes & Fashion
(I.P.L.A.T)

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9
Q

Define market supply

A

The supply of a product by all producers in the market

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10
Q

Define Joint supply

A

When firms produce more than one product together

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11
Q

Define competitive supply

A

when a firm can use its resources to produce more than one product

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12
Q

Define individual supply

A

price of one producer

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13
Q

Define individual demand

A

The demand for a product by a consumer

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14
Q

Define market demand

A

The demand for a product by all consumers in a market

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15
Q

Define Joint demand

A

Goods which are demanded together

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16
Q

Define competitive demand

A

Demand for Goods are in competition with eachother

17
Q

Define composite demand

A

Demand for Goods with Multiple uses

18
Q

which way does the demand curve slope

A

Downwards

19
Q

which way does the supply curve slope

A

Upwards

20
Q

Define Consumer surplus

A

Difference between what a consumer is prepared to pay for a good & the price they actually pay

21
Q

Define Producer surplus

A

Difference between the price a producer is prepared to supply a good for and the price they actually receive.

22
Q

Define ceteris paribus

A

All other things being equal

23
Q

Define market equilibrium

A

supply = demand

24
Q

Define market disequilibrium

A

Supply doesn’t equal demand

25
Q

What happens to consumer surplus if price increases

A

The consumer surplus will decrease

26
Q

What happens to producer surplus if price increases

A

The producer surplus will increase

27
Q

What happens to consumer surplus if price Decreases

A

The consumer surplus will increase

28
Q

What happens to producer surplus if price Decreases

A

The producer surplus will decrease

Microeconomics (10 decks)

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