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Definition
| A schedule or a curve that shows the various amounts of a product that consumers are willing and able to purchase at a series of possible prices during a specified period of time. |
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Term
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Definition
| The table or chart that shows the schedule or curve of the various amounts of a product that consumers are willing and able to purchase at a series of possible prices during a specified period of time. |
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| Other things equal, as price falls, the quantity demanded rises, and as the price rises, the quantity demanded falls. It is an inverse relationship between price and quantity. |
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| Diminishing Marginal Utility |
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Definition
| Successive units of a particular product yield less and less marginal utility. |
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| A change in the quantity demanded of a product that results from the change in real income caused by a change in the product’s price. |
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| A change in the quantity demanded of a consumer good that results from a change in its relative expensiveness caused by a change in the product’s price. |
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| A downward slope illustrating the law of demand. |
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| Factors other than price that determine the quantities demanded of a good or service. |
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| A good or service whose consumption increases when income increases and falls when income decreases, price remaining constant. |
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Definition
| A good or service whose consumption declines as income rises, prices held constant. |
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| Products or services that can be used in place of each other. When the price of one falls, the demand for the other product falls; conversely, when the price of one product rises, the demand for the other product rises. |
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Definition
| Products and services that are used together. When the price of one falls, the demand for the other increases (and conversely). |
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Definition
| A Movement of an entire demand curve or schedule such that the quantity demanded changes at every particular price; caused by a change in one or more of the determinants of demand. |
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| Change in Quantity Demanded |
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Definition
| A change in the quantity demanded along a fixed demand curve as a result of a change in the product’s price. |
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Definition
| A schedule showing the amounts of a good or service that sellers will offer at various prices during some period. |
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Definition
| The table or chart that shows the schedule or curve of the various amounts of a product that producers are willing and able to make available for sale at each of a series of possible prices during a specific period. |
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Definition
| The principle that, other things equal, the increase of a price of a product will increase the quantity of it supplied, and conversely for a price decrease. |
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Definition
| An upward slope that reflects the law of supply. |
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Definition
| Factors other than price that determine the quantity of a good or a service. |
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Definition
| Movement of an entire supply curve or schedule such that the quantity supplied changes at every particular price. |
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| Change in Quantity Supplied |
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Definition
| A change in the quantity supplied along a fixed supply curve as a result of a change in the product’s price. |
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Definition
| The price in a competitive market at which the quantity demanded and the quantity supplied are equal. There is neither a shortage nor surplus, and there is no tendency for price to rise or fall. |
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| The quantity at which the intentions of buyers and sellers in a particular market match at a particular price such that the quantity demanded and the quantity supplied are equal. |
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| The amount by which the quantity supplied of a product exceeds the quantity demanded at a specific price. |
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| The amount by which the quantity demanded of a product exceeds the quantity supplied at a particular price. |
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| The production of a good in the least costly way. |
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Definition
| The apportionment of resources among firms and industries to obtain the production of products most wanted by society (consumers). |
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| A legally established maximum price for a good or service. |
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Definition
| A legally determined minimum price above the equilibrium price. |
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