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18 Cards in this Set

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  • Back
demand
the willingness and ability to pay for a certain quantity of a good or service at a given set of prices over a given period of time
individual demand
the willingness and ability of a specific person to pay for a particular good or service at various prices over a given period of time
market demand
the quantity that all consumers are willing and able to buy of a particular good or service at various prices over a given period of time.
quantity demand
the quantity that consumers are willing and able to purchase at a given price
individual demand schedule
tells what quanitiy of a good or service a consumer would purchase at each price
market demand schedule
a table that tells the quantity of a good or a service that all consumers purchase at each price
market demand curve
a graph that shows the quantity demanded at each price for all consumers in the market combined
law of demand
the negative or inverse relationship between price and quantity demanded. When the price increases, quantity demanded decreases; when the price decreases, quantity demanded increases, ceteris paribus
change in quantity demanded
a change in the amount of a good or service that consumers are willing and able to buy as a result of a price change
change in demand
a change in the quantity that consumers will purchase at each price. a change in demand shifts the entire demand curve
normal good
a good for which increases in income result in increased demand
inferior good
a good for which increases in income result in lower demand
substitutes
goods or services that are similar to one another from the consumer's perspective
complements
goods or services that consumers use together in some way
supply
the quanity of a good or service that producers are willing and able to produce or offer at a given set of prices over a given period of time
law of supply
states that, all else equal, an inrease in price will result in an increase in the quantity supplied
change in quantity supplied
a change in the amount that producers are willing and able to sell when price changes
equilibrium
the price at which the quantity demanded is equal to the quantity supplied