Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
20 Cards in this Set
- Front
- Back
|
market |
a group of buyers and sellers of a particular good or service |
|
|
competetive market |
a market in which there are man buyers and many sellers so taht each has a negligible imact on the market |
|
|
quantity demanded |
the amounth of a good that buyers are willing and able to purchase |
|
|
law of demand |
the claim that, other things equal, the quantity demanded of a good fallss when the price of the good rises |
|
|
demand scheldule |
a table that shows the relationshups beween the price of a good and the quantit demanded |
|
|
demand curve |
a graph of the relationship between the price of a good and the quantity demanded |
|
|
normal good |
a good which, other thig wqual an increase in income leads to an increase in demand |
|
|
inferior good |
a good for whihc other things equals, an increase in income leads to a decrease in demand |
|
|
subsitutes |
two goods for wic an increase in the price of one leads to an increasine in the deamnds for the other |
|
|
complements |
two goods for which an increase in the price of one leads to the decrease in the demand for the other |
|
|
quantity supplied |
the amount of a food that sellers are willing and able to sell |
|
|
law of supply |
the claims that, other things equal, the quantity supplied of a good rises when the pirce of the goods rises |
|
|
supply scheldule |
a table that shows the relationship between the price of a good quantitiy supplied |
|
|
supply curve |
a graph of relaionshipsd between the price of a good and the quantity supplied |
|
|
equilibrium |
a situation in which the market price has reached the level at which quantity supplied equals quantity demanded |
|
|
equilibrium price |
the pirce that balances quantity supplied and quantity demanded |
|
|
equilibrium quantity |
the quantity supplied and the quantity demanded at the equilirium price |
|
|
surplus |
a situatio in which quantity supplied is greater that quantity demanded |
|
|
shortage |
a situation in which quantity demanded greater than quantity supplied |
|
|
law of supply and demand |
the clain that the pirce of any good adjusts to bring the quantity supplied and the quantity demanded for that good into balance |
