Econ 1000: Week 3

Group 2

Group 3

Group 4

Group 1

the six main factors that change supply of a good

expected future prices

supply

demand

the prices of related goods produce

definition of demand

the prices of factor of production

expected future prices

technology

state of nature

markets and prices

Predicting Changes in Price & Quantity

Market Equilibrium

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the number of suppliers

demand curve and schedule

willingness and ability to pay

law of the demand

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complement

substitute

a good that is used in conjunction with another good

a good that can be used in place of another good

a rise in the prices a factor of production decrease supply and shifts the supply curve leftward.

income effect

substitution effect

a decrease in demand

complement up, the price increases.

Price as a Reguator

substitute up, the price falls.

a change in demand

prices of related goods

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equilibrium price

equilibrium quantity

the price wii increase when the quantity is small

Supply

The Number of Supply

Expected Future Prices

supply schedule

expected future prices

the quantity supplied equals the quantity demanded

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the quantity demanded exceeds the quantity supplied

an increase in supply

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An increase an demand

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income

the law of supply

inferior good

normal good

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The quantity supplied and the supply curve

both demand and supply change in the same direction

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Technology

population

expected future income and credit

preferences

The State of Nature

the demand of goods and price effect each other

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both demand and supply change in opposite directions

an decrease in supply

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change of demand

people will search the same thing to stand it when the price rise up

The good's price changes and other influences on sellers' plans keep the same.

the people will give up buying something when comparing with money that people earns the price is increasing

The good's price keeps the same and other influence on sellers' plans changes.

price

quantity

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a change in supply

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when the price higher than equilibrium price

when the price lower than equilibrium price

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