Spreadsheets Week 1
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10 Terms
Change in demand shifters
Change in price of related goods
Change in income
Change in expected future price
Change in number of buyers
Change in preferences
Change in supply shifters
Change in price of related goods
Change in price of resources/other inputs
Change in expected future price
Change in number of sellers
Change in productivity (or technology)
Market power
Few sellers more control over price
competitive market
Many buyers/sellers so that no one can influence the price
How does a seller adjust price
Adjusting quantity makes the market adjust price
law of demand
If the price of a good rises then quantity demanded of the good decreases
when does demand for normal goods increase
income increases
when does demand for inferior goods decreases
when income increase
law of supply
when price of a good increases then quantity supplied of the good increases
technology
combination of the factors of production to make a product
Note 
Flashcards (66)