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Vocabulary Review Week 3.

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Presentation on theme: "Vocabulary Review Week 3."— Presentation transcript:

1 Vocabulary Review Week 3

2 Price and quantity that exist when supply and demand are equal.
Law of Demand Quantity Demand Factor Market Product Market Law of Supply Circular Flow Equilibrium Barter Quantity Supply Medium of exchange

3 Theory that as prices rise, the quantity supplied of goods and services will rise.
Law of Demand Quantity Demand Factor Market Product Market Law of Supply Circular Flow Equilibrium Barter Quantity Supply Medium of exchange Quantity Prices Supply

4 Market where goods and services are sold.
Law of Demand Quantity Demand Factor Market Product Market Law of Supply Circular Flow Equilibrium Barter Quantity Supply Medium of exchange

5 Market where resources are bought and sold.
Law of Demand Quantity Demand Factor Market Product Market Law of Supply Circular Flow Equilibrium Barter Quantity Supply Medium of exchange

6 Trading goods and services directly without the use of a currency.
Law of Demand Quantity Demand Factor Market Product Market Law of Supply Circular Flow Equilibrium Barter Quantity Supply Medium of exchange

7 Flow of all goods, services, resources, and money throughout an economy.
Law of Demand Quantity Demand Factor Market Product Market Law of Supply Circular Flow Equilibrium Barter Quantity Supply Medium of exchange

8 A specific amount producers will sell at a specific price.
Law of Demand Quantity Demand Factor Market Product Market Law of Supply Circular Flow Equilibrium Barter Quantity Supply Medium of exchange

9 A specific amount consumers will purchase at a specific price.
Law of Demand Quantity Demand Factor Market Product Market Law of Supply Circular Flow Equilibrium Barter Quantity Supply Medium of exchange

10 Function of money where money is accepted in exchange for all goods and services.
Law of Demand Quantity Demand Factor Market Product Market Law of Supply Circular Flow Equilibrium Barter Quantity Supply Medium of exchange

11 Theory that as prices increase, the quantity demand of a good will decrease.
People buy less stuff when price goes up Law of Demand Quantity Demand Factor Market Product Market Law of Supply Circular Flow Equilibrium Barter Quantity Supply Medium of exchange Quantity Prices Demand

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