Download Supply and Demand review

Name:________________________
Review Supply and Demand
The law of demand:
LOD represented graphically:
What does demand represent?
What does a demand curve represent?
What does quantity demanded represent?
What is a demand schedule?
Draw an example:
What shifts a demand curve?
Name:________________________
Increase in demand moves _____________ and _______________
Decrease in demand moves _______________ and ________________
Draw the above and label appropriately:
List and explain the 6 demand shifters:
1
2
3
4
5
6
What does a change in quantity demanded mean?
Show it graphically:
Name:________________________
What does a change in demand mean?
Show it graphically:
The law of supply:
LOS represented graphically:
What does supply represent?
What does a supply curve represent?
What does quantity supply represent?
What is a supply schedule?
Draw an example:
Name:________________________
What shifts a supply curve?
Increase in supply moves _____________ and _______________
Decrease in supply moves _______________ and ________________
Draw and example and label appropriately:
List and explain the 6 supply shifters:
1
2
3
4
5
6
Name:________________________
What does a change in quantity supplied mean?
Show it graphically:
What does a change in supply mean?
Show it graphically:
What is a market clearing price?
Show it graphically:
Name:________________________
What is a:
Surplus:
Shortage:
Show them graphically and label appropriately.
Price
Quantity Supplied
Quantity Demanded