Microeconomics Review

Front

Surplus: Quantity Demanded > Quantity Supplied, Quantity Demanded < Quantity Supplied, Legal maximum price sellers can charge for a product

Back

Quantity Demanded < Quantity Supplied

Front

Shortage: Quantity Demanded > Quantity Supplied, Quantity Demanded < Quantity Supplied, Legal maximum price sellers can charge for a product

Back

Quantity Demanded > Quantity Supplied

Front

Supply

Back

Desire & ability to produce & sell a product

Front

Market Equilibrium: What is the QUANTITY when the Quantity Demanded = Quantity Supplied at a certain price?

Back

QUANTITY when the Quantity Demanded = Quantity Supplied at a certain price

Front

Elasticity

Back

How responsive producers/consumers are to price changes in the marketplace (look at the slope)

Front

Price Ceiling

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Legal maximum price sellers can charge for a product

Front

Price Floor

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Legal minimum price buyers must pay for a product

Front

Demand

Back

The desire to have a good/service & the ability to pay for it

Front

How would the supply curve for corn change if there were a long drought?

Back

Front

How would the demand curve shift if Syracuse Basketball is playing a big/popular school (Duke)?

Back