DEMAND
Demand –
Demand Schedule –
Draw an example of a Demand Schedule:
Demand Curve –
Draw an example of a Demand Curve:
Law of Demand –
Change in Quantity Demanded –
Draw an example of a Change in Quantity Demanded:
Change in Demand –
Shift to the right =
Shift to the left =
Examples that would cause a Change in Demand –
Draw an example of a Change in Demand:
Increasing-
Substitutes –
Examples:
Complements-
Examples:
Elastic Demand –
Inelastic Demand –
Decreasing-
SUPPLY
Many of the terms for supply are the same as demand, except, some are simply _______________.
When looking at demand, you are looking from the ___________ point of view.
When looking at supply, you are looking from the ___________ point of view.
Supply Schedule-
If the price _________, the supplier will _______________ production to make up for the loss in profits.
Draw an example of a Supply Schedule:
Supply Curve –
Draw an example of a Supply Curve:
Change in Supply is the same as Change in Demand.
The curve ________ because of reasons other than __________.
Draw an example of a Change in Supply:
Increasing-
Decreasing-
Prices and Decision Making
Equilibrium Price –
Surplus and Shortage –
When the demand for a product goes _________, the business has a ________ of products. Usually, they
will slow production down.
When the demand for a product goes _______, the business will have a _________ of a product until it
increases the production to compensate.
Draw an example of a where Equilibrium, Surplus, and Shortage are on a graph:
Depreciation –
Rationing -