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13 Cards in this Set
- Front
- Back
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Market
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An interaction between potential buyers and potential sellers
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Perfect Competition
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A market in which there are so many buyers and so many sellers that no one of them can influence the market by his or her actions
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Price Takers
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Potential buyers and potential sellers in a perfectly competitive market who face a "take it or leave it" situation at the prevailing market price
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Demand
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The quantities of a good that buyers are willing to purchase at a series of alternative prices, in a given market, during a given period of time, ceteris paribus
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Quantity Demanded
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How much of a good or service a buyer is willing to purchase at a single, specified price, in a given market, at a given time, ceteris paribus
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Demand Schedule
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A schedule identifying specific price-quantity combinations that exist in a demand relationship.
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Supply
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the quantites of a good that sellers are willing to offer at a series of alternative prices, in a given market, during a given period of time, ceteris paribus
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Quantity Supplied
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How much of a good or service a seller is willing to offer at a single, specified price, in a given market, at a given time, ceteris paribus
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Supply Schedule
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A schedule identifying specific price-quantity combinations that exist in a supply relationship
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Supply Curve
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A two dimensional graph illustrating a supply relationship
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Equilibrium Price
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That price at which the quantity supplies in a market is equal to the quantity demanded.
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Demand/Supply Shift
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A change in the demand/supply relationship caused by a change in one of the ceteris paribus conditions
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Elasticity
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A measure of how responsive the quantity demanded by consumers or the quantity supplied by producers is to a change in the equilibrium price
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