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Economics for Managers
Vocabulary check
18
Economics
Graduate
02/15/2015

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Term
Buyer
Definition
A person who buys things, usually for money. In their role as a consumer everybody is a buyer.
Term
Consumer
Definition
A purchaser of goods and services for the personal satisfaction of themselves or other.
Term
Demand
Definition
The ability or willingness of a buyer to buy a product/service depending on his want/need.
Term
Seller
Definition
A person who has a good/service to offer in exchange for cash.
Term
Producer
Definition
A person, company, or country that makes, grows, or supplies goods or services.
Term
Supply
Definition
The total amount of a product (good or service) available for purchase at any specified price.
Term
Demand schedule
Definition
A table showing the relationship between the price of a product and the quantity of
the product demanded.
Term
Demand curve
Definition
A curve that shows the relationship between the price of a product and the quantity of the product demanded.
Term
Quantity demanded
Definition
The amount of a good or service that a consumer is willing and able to purchase at a given price.
Term
Market demand
Definition
The demand by all the consumers of a given good or service.
Term
Supply schedule
Definition
A table that shows the relationship between the price of a product and the quantity of the product supplied.
Term
Supply curve
Definition
A curve that shows the relationship between the price of a product and the quantity of the product supplied.
Term
Quantity supplied
Definition
The amount of a good or service that a firm is willing and able to supply at a given price.
Term
Market Equilibrium
Definition
A situation in which quantity demanded equals quantity supplied. (QD = QS)
Term
Law of demand
Definition
The rule that, holding everything else constant, when the price of a product falls, the quantity demanded of the product will increase, and when the price of a product rises, the quantity demanded of the product will decrease.
Term
Law of supply
Definition
The rule that, holding everything else constant, increases in price cause increases in the quantity supplied, and decreases in price cause decreases in the quantity supplied.
Term
Surplus
Definition
A situation in which the quantity
supplied is greater than the quantity
demanded. (QS > QD)
Term
Shortage
Definition
A situation in which the quantity demanded is greater than the quantity supplied.
(QD > QS)
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