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| The quantity of a good or service that consumers are both willing and abl eto buy at various prices. |
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| an econonomic law stating that as the price of a good or services increases, the quanitity demanded decreases, and vise versa. Generally consumers are happier to buy goods and services at lower prices than a higher prices. |
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| A product that satisfies the same basic want as another product. Substitute goods may be used in place of one another. |
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| A product that is used or consumed jointly with another product. Such a good usually has more value when paired with its complement than when used separately. |
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| The quantity of a good or services that producers are willing and able to offer for sale at various prices. |
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| An economic law stating that as the price of a good or service increases, the quantity supplied increases, and vice versa. Generally, producers are happier to offer goods and services at higher prices than at lower prices. |
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| The amount of money a firm receives in the course of doing business. Revenue is calculated by multiplying the quantity sold by the price. |
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| A measure of the degree to which the quantity demanded or supplied of a good or service changes in response to a change in price. |
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Definition
| The amount of a good or service that consumers are willing and able to buy at a specific price. |
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| A table or chart that lists the quantities of a good that one person will buy at a specific price. |
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| A graph that shows the relationship between price and the quantity that buyers are willing and able to buy. |
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| The sum of all the individual demands in a market. |
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change in quantity demanded
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| Any movement--a change in price--that causes a change in the quantity demanded. |
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| A change that occurs when quantities demanded increase or decrease at all prices. |
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| Any (of 6 causes) that are able to create a change in demand for a good or service. |
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Definition
| The amount of a good or service that producers are willing and able to offer for sale at a specific price. |
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Definition
| A table or chart that shows the quantities supplied at different prices in a market. |
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| A line/curve that shows the relationship between the price and the quantity that producers are willing and able to supply. |
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| The sum of all the individual quantities supplied. When economists refer to supply, they are usually referring to market supply. |
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change in quantity supplied
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| Any movement along the supply curve and this movement is caused only by a change in price. |
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| A change in supply--which can cause prices to increase or decrease--like a change in the number of producers--can change or shift the supply curve to a new position. |
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| A cash payment aimed at helping a producer to continue to operate. Ex. farmers |
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| A sales tax on the manufacture or sale of a good--it's an additional sales tax that adds to the cost of an item. Examples: gas, alcohol, tobacco |
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Definition
| A measure of consumers' senstitivity to a change in price. |
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| demand for necessities like toothpaste, that responds slightly or not at all to a change in price |
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| a response to a change in price that can cause a change in the amount produced |
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| a measure or tool that helps producers price their products at a level that maximizes their revenue |
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| a network of people, organizations, and activities involved in supplying goods and services to consumers |
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