Term
|
Definition
The amount of a good or
service that consumers
want to purchase during
some time period |
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|
Term
|
Definition
A table
showing the relationship
between quantity
demanded and the price of
a commodity, other things
being equal. |
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|
Term
|
Definition
The
graphical representation of
the relationship between
quantity demanded and
the price of a commodity,
other things being equal |
|
|
Term
|
Definition
The entire
relationship between the
quantity of a commodity
that buyers want to
purchase and the price of
that commodity, other
things being equa |
|
|
Term
substitutes in
consumption |
|
Definition
Goods that
can be used in place of
another good to satisfy
similar needs or desires |
|
|
Term
complements in
consumption |
|
Definition
Goods that
tend to be consumed
together |
|
|
Term
|
Definition
A
change in the quantity
demanded at each possible
price of the commodity,
represented by a shift in
the whole demand curve |
|
|
Term
change in quantity
demanded |
|
Definition
A change in the
specific quantity of the good
demanded, represented by a
change from one point on a
demand curve to another
point, either on the original
demand curve or on a new
one |
|
|
Term
|
Definition
The
amount of a commodity
that producers want to sell
during some time period. |
|
|
Term
|
Definition
A table
showing the relationship
between quantity supplied
and the price of a
commodity, other things
being equal |
|
|
Term
|
Definition
The
graphical representation of
the relationship between
quantity supplied and the
price of a commodity, other
things being equal |
|
|
Term
|
Definition
the entire
relationship between the
quantity of some
commodity that producers
wish to sell and the price
of that commodity, other
things being equal. |
|
|
Term
|
Definition
A
change in the quantity
supplied at each possible
price of the commodity,
represented by a shift in
the whole supply curve. |
|
|
Term
change in quantity
supplied |
|
Definition
A change in the
specific quantity supplied,
represented by a change
from one point on a supply
curve to another point,
either on the original supply
curve or on a new one |
|
|
Term
|
Definition
any situation in
which buyers and sellers
can negotiate the exchange
of goods or services |
|
|
Term
|
Definition
A situation in which, at the
given price, quantity
demanded exceeds
quantity supplied. |
|
|
Term
|
Definition
A situation
in which, at the given price,
quantity supplied exceeds
quantity demanded. |
|
|
Term
|
Definition
The
price at which quantity
demanded equals quantity
supplied. Also called the
market-clearing price |
|
|
Term
|
Definition
A price at which quantity
demanded does not equal
quantity supplied |
|
|
Term
|
Definition
A situation
in a market in which there
is excess demand or excess
supply |
|
|
Term
|
Definition
The
derivation of predictions by
analyzing the effect of a
change in some exogenous
variable on the equilibrium |
|
|
Term
|
Definition
The
amount of money that
must be spent to acquire
one unit of a commodity.
Also called
money price |
|
|
Term
|
Definition
The ratio of
the money price of one
commodity to the money
price of another
commodity; that is, a ratio
of two absolute prices |
|
|
Term
| price elasticity of demand (eta) |
|
Definition
| A measure of the responsiveness of quantity demanded to a change in the commodity’s own price |
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