Term
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Definition
| amount of a good/service a consumer is willing AND able to buy |
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Definition
| when something besides price changes in the demand for something |
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Term
| change in quantity demanded |
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Definition
| when price alters the quantity demanded |
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Term
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Definition
| factors besides price that change/shift the demand for a good/service. Includes things like income size, tastes/preferences, and expectations |
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Term
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Definition
| when a small change in price results in a large change in demand. Traits include large part of income, many varieties, it is a want |
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Term
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Definition
| when a change in price results in a small change in demand. Traits include small part of income, not many varieties, it is a need |
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Term
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Definition
| the amount of a good/service a business is willing and able to sell |
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Term
| change in quantity supplied |
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Definition
| when price alters the quantity of supply a good or service |
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Term
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Definition
| when supply increases or decreases based on a change in the supply market for a good/service |
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Term
| demand or supply schedule |
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Definition
| a t-chart that shows of the laws of demand or supply |
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Term
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Definition
Price goes up, quantity demanded goes down
Prices goes down, quantity demanded goes up |
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Term
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Definition
Price goes up, quantity supplied goes up
Price goes down, quantity supplied goes down |
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Term
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Definition
| Also called the market clearing price. Point at which buyers and sellers agree to interact |
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Term
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Definition
| When supply exceeds demand. Usually occurs when price is ABOVE equilibrium. Is sometimes the result of a price floor |
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Term
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Definition
| When price is set above equilibrium. Usually results in a surplus. |
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Term
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Definition
| Factors besides price that alter the supply of a good/service. Include disasters, cost of production (resources), government actions |
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Term
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Definition
| A picture of the law of supply or demand. |
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Term
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Definition
| When demand exceeds supply. Usually occurs when price is BELOW equilibrium. Is sometimes the result of a price ceiling |
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Term
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Definition
| When price is set below equilibrium. Usually results in a shortage |
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