The market
Flashcard
•
Other
•
KG
•
Hard
Nina Rinrada
FREE Resource
Student preview
12 questions
Show all answers
1.
FLASHCARD QUESTION
Front
What is equilibrium?
Back
When demand and supply are equal.
2.
FLASHCARD QUESTION
Front
Disequilibrium
Back
when demand and supply are not equal
3.
FLASHCARD QUESTION
Front
price elastic
Back
demand is more responsive to a change in price
4.
FLASHCARD QUESTION
Front
price inelastic
Back
demand is less responsive to a change in price
5.
FLASHCARD QUESTION
Front
Excess demand
Back
position where demand is greater than supply and there are shortages in the market
6.
FLASHCARD QUESTION
Front
Excess supply
Back
Position where supply is greater than demand and there are unsold goods in the market
7.
FLASHCARD QUESTION
Front
Demand
Back
the quantity of a product bought over a given period of time
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