Price Theory Flashcards Preview

Gr 9 Ems > Price Theory > Flashcards

Flashcards in Price Theory Deck (3):
1

What is supply

Refers to the quantity ( number ) of goods that producers are willing and able to supply

2

What is equilibrium

The point where the supply curve and the demand curve intersects on the graph

3

What is demand

Refers to the quantity ( number ) of goods that consumers are willing and able to purchase