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| any arrangement that enables buyers and sellers to get information and to do business with eachother |
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| A market has two sides: _____ and _____ |
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| a market that has many buyers and many sellers, so no single buyer or seller can influence the price. |
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| the number of dollars that must be given up in exchange for a good or service. |
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| the highest valued alternative forgone. |
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| the ration of one price to another; opportunity cost |
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| we divide the money price of a good by the money price of a "basket" of all goods. The resulting _____ _____ tells us the opportunity cost of all goods in terms of how much of the "basket" we must give up to buy it. |
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| the money price of a "basket" of goods |
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| The _____ _____ of a good or service is the amount that consumers plan to buy during a given time period at a particular price. The _____ _____ is not necessarily the same as the _____ actually bought |
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| other things remaining the same, the higher the price of a good the smaller is the quantity demanded; and the lower the price of a good, the greater is the quantity demanded. |
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| when the price of a good rises, other things remaining the same, its relative price - its opportunity cost - rises. Although each good is unique, it has substitutes - other goods that can be used in its place. |
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When a price rises, other things remaining the same, the price rises relative to income.
Higher price + same income = can't afford |
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| refers to the entire relationship between the rice of a good and the quantity demanded of that good. |
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One of the main factors that brings changes in demand:
The _____ of related goods |
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One of the main factors that brings changes in demand:
expected _____ _____ |
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Term
One of the main factors that brings changes in demand:
i_____ |
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One of the main factors that brings changes in demand:
expected _____ _____ and credit |
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One of the main factors that brings changes in demand:
p_____ |
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One of the main factors that brings changes in demand:
pr_____ |
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| lists the quantities demanded at each price. |
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| other things remaining the same, the higher the price of a good the great is the quantity supplied; and the lower.... the smaller the quantity. |
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| if price of good A goes up and demand for good B goes down, the goods are ____ |
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| if price of good A goes up an demand for good B goes up, the goods are _____ |
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| a change in expected future prices causes demand to _____ |
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| if income goes up and demand for good goes up, it is a(n) _____ good. |
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| if income goes down and demand for good goes up, it is a(n) _____ good. |
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| a change in supply is caused by a change in the price of _____ _____ _____. |
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| change in supply is caused by a change in _____ of _____. (_____) |
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Definition
| number of suppliers; competition |
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| a decrease in quantity demanded and an increase in quantity supplied is called a _____ |
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| an increase in quantity demanded and a decrease in quantity supplied is called a _____ |
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| There is an _____ consequence as well as an _____ one. |
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| people learn the system and play it. |
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