Chapter 3 Flashcards
1
Q
What are single variable graphs
A
Pie chart, bar graphs
2
Q
What are shifters of the demand curve
A
population, income, expectations, price of related G/S, preferences
2
Q
what do movement’s ALONG the demand cruve represent
A
change in quantity demanded
3
Q
What are normal goods an
A
when income increases demand increases
3
Q
What are inferior goods
A
When income decreases demand decreases
4
Q
What does below the equilibrium point mean
A
excess demand (shortage)
5
Q
What does above the equilibrium point mean
A
Excess supply
6
Q
What can cause a change in supply
A
`production cast, technology
7
Q
Demand vs quantity demanded
A
Demand is the overall demand for good while quanity demanded is the exact amount that is demanded
8
Q
A
