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Supply and Demand Study Set
Terms in this set (18)
The "whole curve"; overall demand for a good or service at all prices
A specific point on the curve, showing how much will be purchased at a specific price
A table that shows the relationship between the price of a good and the quantity demanded
An individual point on the curve shows how much of the product is demanded at a specific price
What is indicated when there is a shift to the left in a demand curve?
Decrease in demand
What is indicated when there is a shift to the right in a demand curve?
Increase in demand.
T- Tastes and preferences
R- Related goods and services
B- Buyers, number of
E- Expectations of price
When is the TRIBE acronym useful?
When trying to figure out what events would cause the whole demand curve to shift
Exchange of goods and services between buyers and sellers; it can refer to a place, like a store, or a particular product, like the market for peaches
A person who purchases goods and services for personal use
The total amount of a good or service available for purchase
Goods and services
A chart that lists how much suppliers will produce at various prices
How much will be supplied at a specific price
What is indicated when there is a shift to the left in a curve shift?
Decrease in supply
What is indicated when there is a shift to the right in a curve shift?
Increase in supply
R- Resource: cost and availability
O- Other goods
T- Taxes, subsidies, and government regulation
T- Technology (productivity)
E- Expectations of the producer
N- Number of firms in the industry
When is the ROTTEN acronym used?
When trying to determine what events would cause the whole supply curve to shift
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