Ecn112 Chap 4

Front 1

the amount of any good, service, or resource that people are willing and able to buy during a specified period at a specified price

Back 1

quantity demanded

Front 2

other things remaining the same, if the price of a good rises, the quantity demanded of that good decreases, and if the price of a good falls, the quantity demanded of that good increases

Back 2

law of demand

Front 3

the relationship between quantity demanded and the price of the good when all other influences on buying plans remain the same

Back 3

demand

Front 4

a list of the quantities demanded at each different price when all other influenes an buying plans remain the same

Back 4

demand schedule

Front 5

a graph of the relationship between the quantity demanded of a good and it's price when all other influences on buying plans remain the same

Back 5

demand curve

Front 6

on a demand curve, as price falls then quantity demanded increases

on a graph this looks like:

Back 6

downward slope

Front 7

the sum of the demands of all the buyers in a market

Back 7

market demand

Front 8

a change in the quantity of a good that people plan to buy that results from a change in the price of the good

Back 8

change in quantity demanded

Front 9

a change in the quantity that people plan to buy when any influence on buying plans other than the price of the good changes

Back 9

change in demand

Front 10

a good that can be consumed in place of another good

Back 10

substitute

Front 11

influences on buying plans that change demand

Back 11

-price of related goods, substitutes and complements
-Income
-expectations
-# of buyers
-preferences

Front 12

demand for a good and the price of its substitute move in

Back 12

the same direction

Front 13

demand for a good and the price of its compliments move in

Back 13

opposite directions

Front 14

a good for which the demand decreases when incomes increase

Back 14

normal good

Front 15

a good for which the demand decreases when incomes increase

Back 15

inferior good

Front 16

expectations that change demand:

Back 16

-expected future income
-expected price changes

Front 17

the amount of any good, service, or resource that people are willing and able to sell during a specified period at a specified price

Back 17

quantity supplied

Front 18

other things remaining the same, if the price of a good rises, the quantity supplied of that good increases; and if the price of a good falls, the quantity supplied of that good decreases

Back 18

law of supply

Front 19

the relationship between the quantity supplied and the price of a good when all other influences on selling plans remain the same

Back 19

supply

Front 20

a list of the quantities supplied at each different price when all other influences on selling plans remain the same

Back 20

supply schedule

Front 21

a graph of the relationship between the quantity supplied of a good and it's price when all other influences on the selling plans remain the same

Back 21

supply curve

Front 22

law of supply is illustrated on a supply curve when the price of a good rises, quantitysupplied increases

The graph shows this as

Back 22

upward slope

Front 23

the sum of the supplies of all the sellers in a market

Back 23

market supply

Front 24

a change in the quantity of a good that suppliers plan to sell that results from a change in the price of the good

Back 24

change in the quantity supplied

Front 25

a change in the quantity that suppliers plan to sell when any influence on the selling plans other than the price of the good changes

Back 25

change in supply

Front 26

main influences on selling plans that change supply

Back 26

-price of related goods,substitutes in production, complements in production
-prices of resources/outputs
-expectations
-# of sellers
-productivity

Front 27

a good that can be produced in place of another

Back 27

substitute in production

Front 28

a good that is produced along with another good

Back 28

complement in production

Front 29

supply of a good and the price of one of it's substitutes in production move in

Back 29

opposite directions

Front 30

supply of a good and the price of one of it's complements in production move in

Back 30

the same direction

Front 31

the expectations that can change supply

Back 31

-expected price change of the good
-expected price change of resources

Front 32

output per unit of input

Back 32

productivity

Front 33

main influence on productivity

Back 33

technology

Front 34

occurs when the quantity demanded equals the quantity sullied- when buyers and sellers plans are consistent

Back 34

market equilibrium

Front 35

the price at which the quantity demanded equals the quantity supplied

Back 35

equilibrium price

Front 36

the quantity bought and sold at the equilibrium price

Back 36

equilibrium quantity

Front 37

when there is a shortage the price rises; when there is a surplus, the price falls

Back 37

law of market forces

Front 38

excess supply

Back 38

surplus

Front 39

excess demand

Back 39

shortage

Front 40

-equilibrium quantity increases
-equilibrium price is ambiguous

Back 40

increase in supply and demand

Front 41

-equilibrium quantity decreases
-equilibrium price is ambiguous

Back 41

decrease in supply and demand

Front 42

-equilibrium price rises
-equilibrium quantity is ambiguous

Back 42

increase in demand, decrease in supply

Front 43

-equilibrium price falls
-equilibrium quantity is ambiguous

Back 43

decrease in demand, increase in supply