Term
|
Definition
| A market in which there are many buyers and sellers of the same good or service. |
|
|
Term
|
Definition
| a model of how a competitive market works. |
|
|
Term
|
Definition
| How much of a good or service consumers will want to buy at different prices |
|
|
Term
|
Definition
| The graphical representation of the demand schedule |
|
|
Term
|
Definition
| the actual amount consumers are willing to buy at some specific price. |
|
|
Term
|
Definition
| the higher the price for goods, given other things equal, the less people will demand for that good. |
|
|
Term
|
Definition
| a change in the quantity demanded at any given price, represented graphically by the movement of the original demand curve to a new position. |
|
|
Term
| movement along the demand curve |
|
Definition
| the change in the quantity demand of a good that is the result of a change in the goods price |
|
|
Term
|
Definition
| two goods whose consumption are inversely related in terms of price. |
|
|
Term
|
Definition
| two goods whose consumption is directly related in terms of price. |
|
|
Term
|
Definition
| a good whose demand increases with an increase in income |
|
|
Term
|
Definition
| a good whose demand decreases with an increase in income. |
|
|
Term
|
Definition
| the actual amount of a good or service people are willing to sell at some specific price. |
|
|
Term
|
Definition
| how much of a good or service producers are willing to supply at a different price. |
|
|
Term
|
Definition
| graphical representation of the supply schedule. |
|
|
Term
|
Definition
| a change in the quantity supplied of a good or service at any given price. it is represented by the change of the original supply curve to a new position denoted by a new supply curve. |
|
|
Term
| movements along supply curve. |
|
Definition
| a change in the quantity supplied of a good that is the result of a change in that goods price. |
|
|
Term
|
Definition
| a good that is used to produce another good. |
|
|
Term
|
Definition
| the price at which the quantity supplied equals the quantity demanded. |
|
|
Term
|
Definition
| another name for equilibrium price. |
|
|
Term
|
Definition
| the quantity of the given good bought and sold at the equilibrium price. |
|
|
Term
|
Definition
| the quantity supplied of a good exceeds the quantity demanded. this occurs when the price is above the equilibrium level. |
|
|
Term
|
Definition
| the quantity demanded of a good exceeds the quantity supplied. this occurs when the price is below the equilibrium level. |
|
|
