Supply and Market Competition

Front

Example of Increasing Supply

Back

A new company named YIPPIE! starts to make sodas and compete with Coke and Pepsi

Front

Determinants of Supply: Natural events

Back

Natural events like disasters can decrease supply by disrupting production.

Front

Graph showing demand curve shift to the left.

Back

Represents a decrease in demand.

Front

Supply curve shift

Back

Indicates a change in supply.

Front

Equilibrium quantity

Back

The quantity at which supply equals demand.

Front

Market competition effect

Back

Can increase supply and decrease prices.

Front

Natural disaster effect on supply

Back

Decreases supply, increases prices.

Front

Complementary goods

Back

Goods that are often used together, affecting each other's demand.

Front

Substitute goods

Back

Goods that can replace each other, affecting demand.

Front

Price elasticity of demand

Back

Measures how much the quantity demanded responds to a change in price.