Economists use the term
demand
to refer to the amount of some good or service consumers are willing and able to purchase at each price. Demand is based on needs and wants—a consumer may be able to differentiate between a need and a want, but from an economist’s perspective, they are the same thing.
What is the amount of goods available called?
supply
. the amount of goods available.
What can be defined as the amount of a good or service that is available for sale?
| Term Demand Definition the amount of a good or service that consumers are able and willing to buy at various possible prices during a specified time period | Term Quantity Supplied Definition the amount of a good or service that a producer is willing and able to supply at a specific price |
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What term is used to describe how much of a good is offered for sale at a specific price?
| A B | quantity supplied a term used to describe how much of a good is offered for sale at a specific price | supply schedule a chart that lists how much of a good a supplier will offer at different prices | variable a factor that can change |
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Is the amount of a good or service that is available?
Supply
of Goods and Services. When economists talk about supply, they mean the amount of some good or service a producer is willing to supply at each price. Price is what the producer receives for selling one unit of a good or service.
What is the market clearing price of a good or service?
A market-clearing price is the
price of a good or service at which quantity supplied is equal to quantity demanded
, also called the equilibrium price. The theory claims that markets tend to move toward this price.
What is the amount of a good that consumers are willing to buy?
Economists use the term
demand
to refer to the amount of some good or service consumers are willing and able to purchase at each price. Demand is based on needs and wants—a consumer may be able to differentiate between a need and a want, but from an economist’s perspective, they are the same thing.
How do you calculate good available for sale?
What you do is start with your beginning
inventory
and add that cost to the purchases of finished goods you made throughout the accounting cycle. You then add the finished goods that you manufactured during the period to the cost and you get the total cost of goods that available for sale.
What is the difference between supply and quantity supply?
The difference between quantity supplied and supply
Quantity supplied refers to
the amount of the good businesses provide at a specific price
. So, quantity supplied is an actual number. … The supply curve is an equation or line on a graph showing the different quantities provided at every possible price.
What is the market supply schedule?
The market supply schedule is
a table that lists the quantity supplied for a good or service that suppliers throughout the whole economy are willing and able to supply at all possible prices
.
What is the best example of the law of supply?
The law of supply summarizes the effect price changes have on producer behavior. For example,
a business will make more video game systems if the price of those systems increases
. The opposite is true if the price of video game systems decreases.
What is the lowest legal price that can be paid for a product?
| A B | Price Ceiling Maximum legal price that can be charged for a product | Price Floor Lowest legal price that can be charged for a product | Equillibrium Price Price where quantity supplied equals quantity demanded; price that clears the market |
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What is the term for a factor that can change?
A variable
is anything that can change or be changed. In other words, it is any factor that can be manipulated, controlled for, or measured in an experiment.
What happens as prices for a good or service rises?
Supply of goods and services
Price is what the producer receives for selling one unit of a good or service. An increase in price almost always leads to
an increase in the quantity supplied of that good or service
, while a decrease in price will decrease the quantity supplied.
Which factors must a producer consider when deciding what good to supply?
the appeal of the good to family members the elasticity of a good being supplied competition within the market the ability to produce the good efficiently
the ability to produce a good of low quality.
What happens when the price of a good increases?
If the price goes up, the quantity demanded goes down (but demand itself stays the same).
If the price decreases, quantity demanded increases
. This is the Law of Demand. On a graph, an inverse relationship is represented by a downward sloping line from left to right.
