Upgrade to remove ads
2.02 Economic Terms
Terms in this set (7)
Includes the customers and locations that a business wants to serve.
How much of a good or service a producer is willing and able to produce at different prices.
An individual's need or desire for a good or service at a given price.
Law of Demand
As prices fall for a particular good or service, the demand for that item will increase and vice-versa.
Law of Supply
As the price of a particular good or service increases, the supply for that item will also be increased and vice-versa.
The amount at which a good or service will be sold in a market.
Whole fields of tomatoes were destroyed in a fire. What does this affect? Supply or Demand?
THIS SET IS OFTEN IN FOLDERS WITH...
2.03 & 2.04 Economic Terms
Combo with "2.03 & 2.04 Economic Terms" and 1 other
YOU MIGHT ALSO LIKE...
Principles of Macroeconomics
AP Macroeconomics: Module 6 (KRUGMAN)
Chapter 21 quiz: sections 1-3
Economic Chapter 5
OTHER SETS BY THIS CREATOR
Home Row Keys, Posture & Technique
Keyboarding - Left & Right Hand Keys (Top Row)
2.01 Economics, 2.02 Economic Terms, 2.03 & 2.04 E…
Keyboarding Study Guide, Keyboarding Posture & Tec…