shifters demand and supply

demand shiftier 1

income

demand shiftier 2

tastes and preferences

demand shiftier 3

prince of related good

demand shiftier 4

number of consumers

demand shiftier 5

consumer expectations

supply shiftier 1

price of inputs

supply shiftier 2

technology

supply shiftier 3

government policies

supply shiftier 4

number of producers

supply shiftier 5

producer expectations

comparative advantage

produce at lower opportunity cost

absolute advantage

produce more efficiently

opportunity cost

produce something at a cost of something

trade offs

giving up one option for another

market clearing price

quantity demanded by consumers equals the quantity supplied by producers

surplus

quantity more than demand

shortage

quantity less than demand

command market economy

central authority owns and controls the means of production

when at b

produce no consumer goods and more capital goods

when at e

inefficient use of resources 

when at f

impossible with current technology

when at a

produce no capital goods and more consumer goods