Any place where factors of production (land, labor, capital) are bought and sold

Any place where finished goods and services (products) are bought and sold

The ability and willingness to sell (produce) specific quantities of a good at alternative prices in a given time period

The ability and willingness to buy specific quantities of a good at alternative prices in a given time period 

A curve describing the quantities of a good consumer is willing and able to buy at alternative prices in a given time period

Law of Demand

The quantity of a good demanded in a given time period increases as its price falls

Goods that substitute for each other; when the price of good x rises, the demand for good y increases

Goods frequently consumed in combination; when the price of good x rises, the demand for good y falls

A change in the quantity demanded at any given price 

The total quantities of a good or service people are willing and able to buy at alternative prices in a given time period; the sum of individual demands

The total quantities of a good that sellers are willing and able to to sell at alternative prices in a given time period

The quantity of a good supplied in a given time period increases as its price increases

The price at which the quantity of a good demanded in a given time period equals the quantity supplied

The use of market prices and sales to signal desired outputs (or resources allocations) 

Lower limit set for the price of a good

Upper limit set for the price of a good

The amount by which the quantity supplied exceeds the quantity demanded at a given price – excess supply

The amount by which the quantity demanded exceeds the quantity supplied at a given price; excess demand