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20 Cards in this Set
- Front
- Back
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Quantity Demanded
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Amount of a good, service, or resource that people are willing and able to buy during a specified period at a specified price.
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Law of Demand
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If the price of a good rises the quantity demanded decreases; and if the price of a good falls the quantity demanded increases holding everything else constant.
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Demand
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Relationship between the quantity demanded and the price of a good when everything else remains the same.
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Demand Schedule
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A list of the quantities demanded at different prices.
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Demand Function
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A function expressing the quantities demanded at different prices.
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Demand Curve
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A graph of the demand schedule or demand function.
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Shifts in Demand
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1.Prices of related Goods (Substitutes and Complements)
2.Income (Normal and Inferior) 3. Expectations 4. Number of Buyers |
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Quantity Supplied
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The amount of a good, service, or resource that people are willing and able to sell during a specified period at a specified price.
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Law of Supply
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If the price of a good rises, the quantity supplied of that good increases, and vice versa holding everything else constant.
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Supply
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The relationship between the quantity supplied and the price of a good when all other influences on selling plans remain the same.
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Supply Schedule
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Lists the quantities supplied at each different price when all the other influences on selling plans remain the same.
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Supply Function
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Function expressing the quantities supplied at different prices.
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Supply Curve
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Graph of the supply schedule
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Shifts In Supply
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1. Prices of related goods. (Substitutes and Complements in Production)
2. Prices of inputs (Factors of Production) 3. Expectations 4. Number of sellers. 5. Productivity. |
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Market Equilibrium
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Quantity Demanded = Quantity Supplied
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Equilibrium Price
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The price at which quantity demanded = quantity supplied.
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Equilibrium Quantity
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Quantity bought and sold at the equilibrium price.
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Law of Market Forces
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When there is a shortage the price rises and when there is a surplus the price falls.
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Surplus
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Quantity demanded < quantity supplied.
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Shortage
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Quantity demanded > quantity supplied.
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