Supply and Demand
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Created by:
TerryTateBaby on December 8, 2011
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19 terms
Terms | Definitions |
|---|---|
 Current events that affect the economy | Security Issues, Downsizing companies, Globalization, movement of people, specialized areas (RTP, Sunbelt) |
| Out sourcing | sending companies to other companies to work for less |
| globalization | where everyone depends on each other interdependence |
| Migration | usually for jobs, and large shifts in populations |
| Specialized areas | RTP, Sunbelt, Rustbelt |
| Demand | Wants |
| Supply | availability |
| Law of Demand | Price and Quantity move in opposite directions |
| Complimentary | Like hot dogs and hot dog rolls, buy one, usually buy the other |
| Substitute | Like mountain lightning instead of mountain dew, like no name brands, usually cheaper |
| Schedule | Chart or table |
| Curve | Graph |
| Law of supply | Producers supply a lot of expensive items |
| Surplus | too much |
| Shortage | not enough |
| Equilibrium Price | Where quantity and price meet on the graph, what you should sell products for |
| Government | Sets minimums and maximum prices for goods |
| Demand Curve | goes down from left to right |
| Supply Curve | Goes up from left to right |
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