Vocab. Quiz (Supply & Demand)

Any good that consumers purchase more of as their incomes increase.

• normal good

• basic good

Any good that consumers purchase less of as their income increases.

• classic good

• inferior good

the amount a supplier is willing and able to supply at a certain price.


• quantity demanded

• quantity supplied

the amount a consumer is willing and able to buy at a certain price.

• quantity demanded

• quantity supplied

states that as prices rise, quantity demanded decreases.

• Law of Demand

• Law of Supply

states that the higher the price, the greater the quantity produced.

• Law of Demand

• Law of Supply

is the amount consumed at a specific price.

• Quantity Demanded

• Shortage

The ________________ of demand are factors that change demand.

• determinants

• elements

Input prices

Producer expectations

Technology

Change in the price of other goods

Number of suppliers

Government

• Determinants of Demand

• Determinants of Supply

The amount that producers are willing and able to sell at a specific price is called

• quantity supplied

• supply curve