Write one thing you learned from Ch. 4: Demand. EQ - How does the law of supply affect the quantity supplied? arrow Ch. 4: Demand Test Start Ch.5: Supply Vocabulry Learning Goal - Students will be able to define supply and demand, while graphically illustrating factors that will cause changes in each.

One thing I learned from Chapter 4: Demand is the concept of the demand curve, which shows the relationship between the price of a good and the quantity demanded by consumers. The demand curve typically slopes downward, indicating that as the price of a good decreases, the quantity demanded increases, and vice versa.<br /><br />**EQ - How does the law of supply affect the quantity supplied?**<br /><br />The law of supply states that, all else being equal, an increase in the price of a good or service will result in an increase in the quantity supplied. Conversely, a decrease in the price will lead to a decrease in the quantity supplied. This relationship is typically represented by an upward-sloping supply curve, reflecting the direct relationship between price and quantity supplied.<br /><br />**Ch. 4: Demand Test**<br /><br />1. Define the law of demand.<br />2. Explain what causes a movement along the demand curve.<br />3. Describe factors that can shift the demand curve.<br />4. Illustrate how changes in consumer income affect demand.<br />5. Discuss the impact of substitute and complementary goods on demand.<br /><br />**Start Ch. 5: Supply Vocabulary**<br /><br />1. **Supply**: The total amount of a specific good or service that is available to consumers.<br />2. **Law of Supply**: The principle that suppliers will normally offer more for sale at higher prices and less at lower prices.<br />3. **Quantity Supplied**: The amount of a good that sellers are willing and able to sell at a specific price.<br />4. **Supply Schedule**: A table that shows the relationship between the price of a good and the quantity supplied.<br />5. **Supply Curve**: A graph that shows the relationship between the price of a good and the quantity supplied.<br />6. **Market Supply**: The sum of all individual supplies of a particular good or service.<br />7. **Elasticity of Supply**: A measure of how much the quantity supplied of a good responds to a change in the price of that good.<br />8. **Determinants of Supply**: Factors other than price that determine the quantities supplied of a good or service (e.g., production technology, input prices, number of sellers, expectations about future prices).<br /><br />**Learning Goal**<br /><br />Students will be able to define supply and demand, while graphically illustrating factors that will cause changes in each. This includes understanding how shifts in the supply and demand curves occur due to various determinants such as consumer preferences, income levels, prices of related goods, and expectations about future prices.