Question

A _______________ is a graphical representation of how much of a good or service households will want to buy at different prices. A _______________ is a graphical representation of how much of a good or service a firm is willing to sell at some specific price. The intersection of the demand and supply curve is called _______________. This is where the quantity demanded is equalto the quantity supplied. There is a _______________ of a good or service when the quantity supplied exceeds the quantity demanded. This occurs when the price is above its equilibrium level. There is a _______________ of a good or service when the quantity demanded exceeds the quantity supplied. This occurs when the price is below its equilibrium level.Two goods are _______________ if a increase in the price of one of the goods leads to an increases in the demand for the other good. Two goods are _______________ if an_______________ in the price of one of the goods leads to a _______________ in the demand for the other good. When an increase in income increases the demand for a good, the good is called a _______________ good. When an increase in income decreases the demand for a good, the good is called a _______________ good._______________ are legal restrictions on how high or how low a market price may go for a good. A ______________ is the maximum price sellers are allowed to charge for a good or service. A ______________ is the minimum price buyers are required to pay for a good or service.A _______________ is a market in which goods or services are bought and sold illegally either because it is illegal to sell them or because the prices charged are legally prohibited by a price ceiling.A _______________ is an upper limit on the quantity of some good that can be bought or sold. A _______________ gives its owner the right to supply a good._______________is the total value of all final goods and services produced in the economy during a given year._______________is a way to calculate the total spending on domestically produced final goods and services in the economy by adding together consumer spending, investment spending, government purchases of goods and services, and exports minus imports (C+I+G+X-IM)._______________ are goods and services sold to the end user. _______________ are goods and services that are inputs for production of final goods and services.

Answer 1

A demand curve is​​​​​ a graphical representation of how much of a good or service households will want to buy at different prices. A supply curve is a graphical representation of how much of a good or service a firm is willing to sell at some specific price. The intersection of the demand and supply curve is called equilibrium. This is where the quantity demanded is equalto the quantity supplied. There is a excess of a good or service when the quantity supplied exceeds the quantity demanded. This occurs when the price is above its equilibrium level. There is a shortage of a good or service when the quantity demanded exceeds the quantity supplied. This occurs when the price is below its equilibrium level.Two goods are substitute goods if a increase in the price of one of the goods leads to an increases in the demand for the other good. Two goods are complementary goods if an increase in the price of one of the goods leads to a decrease in the demand for the other good. When an increase in income increases the demand for a good, the good is called a normal good. When an increase in income decreases the demand for a good, the good is called a inferior good. Price controls are legal restrictions on how high or how low a market price may go for a good. A price ceiling is the maximum price sellers are allowed to charge for a good or service. A price floor is the minimum price buyers are required to pay for a good or service.A black market is a market in which goods or services are bought and sold illegally either because it is illegal to sell them or because the prices charged are legally prohibited by a price ceiling.A quota is an upper limit on the quantity of some good that can be bought or sold. A term licence gives its owner the right to supply a good. Gross domestic product is the total value of all final goods and services produced in the economy during a given year. Aggregate demand is a way to calculate the total spending on domestically produced final goods and services in the economy by adding together consumer spending, investment spending, government purchases of goods and services, and exports minus imports (C+I+G+X-IM). Final goods and services are goods and services sold to the end user. Raw materials are goods and services that are inputs for production of final goods and services.

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