Lesson 8A Review

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6 Terms

1
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Microeconomics

The study of individuals

  • Consumers 

  • Producers 

2
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  • Law of Supply  

    • What kind of relationship is this?

  • When prices Increase, quantity supplied increases

    • Direct

3
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  • Law of Demand  

    • What kind of relationship is this?

  • When prices Increase, quantity demanded decreases

    • Inverse

4
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  • What are the four things that can happen in a market

    • Supply can decrease 

      • Supply can increase

      • Demand can decrease 

      • Demand can increase 

5
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  • WAGTIPS


W - weather conditions affecting production 

A - actions of

G - government 

T - technology 

I - input costs, such as labor or materials 

P - prices of related goods

S - Sellers (# of sellers)

6
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  • TIPSE

T - taste (and preferences of consumers)

I - income(consumers)

P - population (amount of consumers)

S - substitutes and compliments 

E - expectations of price or quantity