Economics Concepts

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Quantity demanded

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Amount of a product demanded at a particular price; higher the price.

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Quantity supplied

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Amount of a product supplied at a particular price; higher the price, the higher the quantity supplied.

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Non-price determinants of demand

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Consumer income, consumer taste or preference, number of buyers, expectations of future prices or availability, and price changes of related goods (substitutes and complements).

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Non-price determinants of supply

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Productivity, expectations of future price, taxes, subsidies, technology, cost of inputs, number of sellers, and government regulations.

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International trade

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Allows a nation to shift their production possibility curve outward and have more goods and services without adding additional resources, simply using resources more efficiently.

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Free trade

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The free flow of goods and services between countries without any barriers or restrictions.

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Trade barriers

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Anything that prevents the free flow of goods and services coming into a country.

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Tariffs and quotas

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Raise the prices of imported goods.

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Subsidies

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Lower the price of exported goods.

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Balance of trade

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Nations seek to maintain a balance of trade with values of imports equal to exports.