Term
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Definition
| Amount or quantity of goods and services that consumers are willing and able to buy at various prices. |
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Term
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Definition
| Principle that consumers will generally buy less of an item at a higher price. |
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Term
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Definition
| Any place where individuals buy and sell goods and services. |
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Term
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Definition
| Amount of goods and services that producers will provide at various prices. |
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Term
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Definition
| Principle that producers will generally supply more of an item at a higher price. |
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Term
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Definition
| Economic system in which economic decisions are based on the actions of buyers and sellers. |
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Term
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Definition
| Condition when the supply of an item is greater than the market demand at a particular price. |
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Term
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Definition
| Amount of money given or asked for when goods or services are bought or sold. |
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Term
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Definition
| Price at which the amount of an item supplied is equal to the amount demanded. |
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Term
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Definition
| Under supply of an item at a particular price. |
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