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18 Cards in this Set
- Front
- Back
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demand
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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
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individual demand
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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
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market demand
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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.
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quantity demand
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the quantity that consumers are willing and able to purchase at a given price
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individual demand schedule
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tells what quanitiy of a good or service a consumer would purchase at each price
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market demand schedule
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a table that tells the quantity of a good or a service that all consumers purchase at each price
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market demand curve
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a graph that shows the quantity demanded at each price for all consumers in the market combined
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law of demand
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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
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change in quantity demanded
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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
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change in demand
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a change in the quantity that consumers will purchase at each price. a change in demand shifts the entire demand curve
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normal good
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a good for which increases in income result in increased demand
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inferior good
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a good for which increases in income result in lower demand
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substitutes
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goods or services that are similar to one another from the consumer's perspective
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complements
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goods or services that consumers use together in some way
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supply
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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
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law of supply
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states that, all else equal, an inrease in price will result in an increase in the quantity supplied
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change in quantity supplied
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a change in the amount that producers are willing and able to sell when price changes
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equilibrium
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the price at which the quantity demanded is equal to the quantity supplied
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