Supply and Demand

Limiting Items that are in short supply

• Shortages

• Inelastic

• Diminishing Returns

• Rationing

One of the things that affects supply

• Market

• Taxes

• Surplus

• Population

Slopes down to the right

• Supply Curve

• Supply Schedule

• Demand Curve

• Price Floor

Goods often used together

• Complimentary

• Black Market

• Equilibrium

• Price ceiling

People cannot buy the same amount if prices rise while income stays the same

• Substitution Effect

• Law of Demand

• Real Income Effect

• Demand Curve

The "perfect" price

• Price inputs

• Price floor

• Equilibruim

• Real Income affect

Money from labor services

• Price ceiling

• Wages

• Surplus

• Price floor

The amount available to customers

• Supply

• Demand

• Technology

• Equilibrium

Type of price control that is government mandated

• Price elasticity

• Price floor

• Elastic

• Price ceiling

The amount of a resource that exceeds the amount needed

• Supply

• Surplus

• Quantity

• Utility