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Demand and Supply
Demand and Supply
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12 Terms
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1
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total surplus.
The sum of consumer surplus and producer surplus is social surplus, also referred to as economic surplus or total surplus.
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Demand
________ is fundamentally based on needs and wants.
3
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producer surplus.
The amount that a seller is paid for a good minus the sellers actual cost is called producer surplus.
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Demand
________ is also based on ability to pay.
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Law of Demand
As the price increases, the quantity demanded decreases and as the price decreases the quantity demanded increases
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Supply
The amount of good and services a producer is willing to supply
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Law of supply
The higher the price leads to a higher quantity and the lower price leads to a lower quantity supplied
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equilibrium
The point where the supply curve and demand curve cross
9
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price ceilings
keeps a price from rising above a certain level
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price floor
a lowest price that one can legally pay from some good or service
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consumer surplus
The amount of individuals would have been willing to pay minus the amount they actually pay
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deadweight loss
the loss in social surplus that occurs when the economy produces an inefficient quantity
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