1.

Indicates the quantity consumers are both willing and able to buy at each possible price during a
given time period, other things constant
2. Quantity demanded varies inversely with price, other things constant
3. Amounts purchased per period at each possible price
4. When the price of a good falls, that good becomes cheaper compared to other goods so consumers
tend to substitute that good for other goods
5. Price of one good relative to the prices of other goods
6. Fall in the price of a good increases consumers’ real income, making consumers more able to
purchase goods
7. Number of dollars received per period
8. Income measured in terms of what it can buy
9. Curve showing the relation between the price of a good and the quantity consumers are willing and
able to buy per period, other things constant
10. Amount of a good consumers are willing and able to buy per period at a particular price
11. Demand of an individual consumer
12. Sum of all the individual demands of all consumers in the market
13. Two goods are considered what if, an increase in price of one shifts the demand for the other
rightward and, conversely, if the decrease in the price of one shifts demand for the other leftward
14. Goods used in combination
15. Likes and dislikes as a consumer
16. Two goods are considered what if, an increase in the price of one decreases the demand for the
other, shifting that demand curve leftward
17. Indicates how much producers are willing and able to offer for sale per period at each possible price,
other things constant
18. Quantity supplied is usually directly related to its price, other things constant
19. Change in quantity demanded resulting from a change in the price of the good, other things
constant
20. Movement of a demand curve right or left resulting from a change in one of the determinants of
demand other than the price of the good
21. Curve showing the relation between the price of a good and the quantity producers are willing and
able to sell per period, other things constant
22. States that the opportunity cost of producing more of a particular good rises as output increases
23. Particular amount offered for sale at a particular price
24. Marginal cost of production increases as output increases
25. Those employed in the production of the good in question
26. Those that use some of the same resources employed to produce the good under consideration
27. Change in quantity supplied resulting from a change in the price of the good, other things constant
28. Movement of a supply curve left or right resulting from a change in one of the determinants of
supply other than the price of the good
29. Costs of time and information required for exchange
30. Excess quantity supplied
31. Excess quantity demanded
32. Quantity demanded equals quantity supplied
33. Minimum selling price that is above the equilibrium price
34. Independent plans of both buyers and sellers exactly match
35. Maximum price that is below the equilibrium level

(5) Variables that can affect market demand

(2) Goods are classified into ( ) broad categories
(5) What determines tastes?
(2) Reasons why producers are offer more for sale when the price rises
(5) Determinants of supply
(5) Changes that could shift the demand curve to the right
(5) Changes that could shift the supply curve rightward

1. Demand
2. Law of demand
3. Demand
4. Substitution effect of a price change
5. Relative price
6. Income effect of a price change
7. Money income
8. Real income
9. Demand curve
10. Quantity demanded
11. Individual demand
12. Market demand
13. Substitutes
14. Complements
15. Tastes
16. Complements
17. Supply
18. Law of supply
19. Movement along a demand curve
20. Shift of a demand curve
21. Supply curve
22. Law of increasing opportunity cost
23. Quantity supplied
24. Law of increasing opportunity cost
25. Relevant resources
26. Alternative goods
27. Movement along a supply curve
28. Shift of a supply curve
29. Transaction costs
30. Surplus
31. Shortage
32. Equilibrium
33. Price floor
34. Equilibrium
35. Price ceiling

(5) Variables that can affect market demand

1. Money income of consumers

2. Prices of other goods
3. Consumer expectations
4. Number or composition of consumers in the market
5. Consumer tastes

(2) Goods are classified into ( ) broad categories

1. Normal good
2. Inferior good

(5) What determines tastes?

1. Biological
2. Family background
3. Surrounding culture
4. Peer pressure
5. Religious convictions

(2) Reasons why producers are offer more for sale when the price rises

1. As the price rises, other things constant, a producer becomes more willing to supply the good
2. Higher prices also increase the producer’s ability to supply the good

(5) Determinants of supply

1. State of technology
2. Prices of relevant resources
3. Prices of alternative goods
4. Producer expectations
5. Number of producers in the market
(5) Changes that could shift the demand curve to the right

1. Increase in the money income of consumers

2. Increase in the price of a substitute ; decrease in the price of a complement
3. Change in consumer expectations that causes people to demand more
4. Growth in the number of consumers
5. Change n consumer tastes

(5) Changes that could shift the supply curve rightward

1. Technological breakthrough
2. Reduction in the price of relevant resources
3. Decline in the price of an alternative good
4. Change in expectations that encourage producers to expand production
5. Increase in the number of producers