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-Shows the high interdependence in our economy.
-The factors of production and the products made from them flow in one direction. The payments for the factors, which consumers spend on goods and services, flow in an opposite direction.

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Where productive resources are bought and sold.

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Where producers sell their goods and services.

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A legal minimum that can be charged for a good.
Ex. minimum wage
-The price floor line is above the equilibrium point.
-Can cause a surplus of goods.

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A legal maximum that can be charged for a good.
Ex. Rent controls
- The price ceiling line is drawn below the equilibrium point.
- Can cause a shortage of goods

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total receipts; price of goods sold times quantity sold.

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-A situation in which the quantity demanded is greater than the quantity supplied at a given price.
-Both price and the quantity supplied will go up.

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A situation in which the quantity supplied is greater than the quantity demanded at a given price.
-Price tends to go down because of a surplus.

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-If a firm can adjust to new prices quickly?

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-Can the purchase be delayed? meaning is it a necessity, and can it be put off?
-Are adequate substitutes available? meaning can i get another one for cheaper?
-Does the purchase use a large portion of income?

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-Cost of inputs: if the price of inputs drop, producers will produce more of a product, thereby shifting the curve to the right. An increase in the inputs, leads to the shift to the left.
-Productivity: If workers decide to work more efficiently, productivity should increase. Leading to a shift to the right. If workers work less efficiently, then there is a shift to the left.
Technology: New technology tends to shift the supply curve to the right. Equipment could break down and get replaced leading to a shift to the left.
-Taxes and Subsidies: If taxes are raised towards a producer and their company, then their is a shift to the left. If taxes go down, production costs go down, supply then increases and the supply curve shifts to the right. When subsidies are repealed, costs go up, producers leave the market, and the curve shifts to the left. Subsidies lower the cost of production causing a shift to the right.
-Expectations: If producers think the price of the product will go up, they may withhold some of the supply. The supply will decrease, causing a shift to the left. If prices are expected to be lower, then producers produce and sell as much as possible right away, causing the supply to shift to the right.
-Government Regulations: tighter government regulations restrict supply, causing a shift to the left. Relaxed regulations allow producers to lower the cost of production, curve shifts to the right.
-Number of Sellers: More sellers means a shift to the right. Less sellers  means a shift to the left.

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Consumer Income: as a consumer's income increases, then the quantity demanded increases due to their desire to buy more. The curve shifts right. and vice versa
-Consumer Taste: If consumers want more of an item, they would buy more of it. Shift to the right. Vice versa.
-Substitutes: having two products the do the same job can affect demand.
-Complements: having two products that go hand in hand can affect demand.
-Future Expectations: If consumers hear it is going to be a bad year for crops, they would stock up on food, causing the demand to increase and a shift to the right. If consumers know about a sale coming soon, they won't buy as much, leading to a decrease in demand and a left shift.
-Number of Consumers: more consumers equals a shirt to the right, and vice versa.

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The extra satisfaction we get from using additional quantities of the product begins to diminish. Because of this, consumers are not as willing to pay for their second, third, and fourth of a certain product.

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Rule stating that more will be offered for sale at high prices than at lower prices.

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Rule stating that more will be demanded at lower prices and less at higher prices; inverse relationship between price and quantity demanded.

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-Can be replaced by another product.
Ex. butter and margarine
A rise in the price of margarine would lead to an increase in the demand of butter.

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-They are related goods.
Ex. phone and chargers
As the price of iphones increase, then the demand for charges decrease.

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Unit 2 Review Game