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1. A Shortage causes prices to rise, signaling producers to produce more and consumers to purchase
   less.
   law of

2. The Supply is a direct relationship between price and quantity; As Price increases, so does the
   quantity.

3.  A complementary good is a product that is often used with another product.

4. The economic term for a consumer's satisfaction with their purchasing decision is called UtilitY

5. When demand for a product is greatly influenced by the price, the demand for that product is said to be elastic

6. A consumer that buys margarine instead of butter is an example of the Substitution effect

7. 
   technology is any use of land, labor, and capital that produces goods more efficiently.

8. The coming together of buyers and sellers creates a market

9. Voluntary exchange is what takes place between buyers and sellers once they have agreed on price

10. Surplus is the situation in which quantity supplied is greater than the quantity demanded at the current price.

11. List the 3 Factors of Production:
    land labor and Capital

•12. List the three Basic Economic Questions:What to Produce how to Produce and for whom to Produce:

13. Give an example of 2 complementary goods:Peanut butter and Jam

14. Provide an example of 2 substitute goods:butter and margaine

15. Give an example of a product that has an inelastic demand:insulin and gas