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43 Cards in this Set

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the amount of any good, service, or resource that people are willing and able to buy during a specified period at a specified price
quantity demanded
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
law of demand
the relationship between quantity demanded and the price of the good when all other influences on buying plans remain the same
demand
a list of the quantities demanded at each different price when all other influenes an buying plans remain the same
demand schedule
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
demand curve
on a demand curve, as price falls then quantity demanded increases

on a graph this looks like:
downward slope
the sum of the demands of all the buyers in a market
market demand
a change in the quantity of a good that people plan to buy that results from a change in the price of the good
change in quantity demanded
a change in the quantity that people plan to buy when any influence on buying plans other than the price of the good changes
change in demand
a good that can be consumed in place of another good
substitute
influences on buying plans that change demand
-price of related goods, substitutes and complements
-Income
-expectations
-# of buyers
-preferences
demand for a good and the price of its substitute move in
the same direction
demand for a good and the price of its compliments move in
opposite directions
a good for which the demand decreases when incomes increase
normal good
a good for which the demand decreases when incomes increase
inferior good
expectations that change demand:
-expected future income
-expected price changes
the amount of any good, service, or resource that people are willing and able to sell during a specified period at a specified price
quantity supplied
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
law of supply
the relationship between the quantity supplied and the price of a good when all other influences on selling plans remain the same
supply
a list of the quantities supplied at each different price when all other influences on selling plans remain the same
supply schedule
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
supply curve
law of supply is illustrated on a supply curve when the price of a good rises, quantitysupplied increases

The graph shows this as
upward slope
the sum of the supplies of all the sellers in a market
market supply
a change in the quantity of a good that suppliers plan to sell that results from a change in the price of the good
change in the quantity supplied
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
change in supply
main influences on selling plans that change supply
-price of related goods,substitutes in production, complements in production
-prices of resources/outputs
-expectations
-# of sellers
-productivity
a good that can be produced in place of another
substitute in production
a good that is produced along with another good
complement in production
supply of a good and the price of one of it's substitutes in production move in
opposite directions
supply of a good and the price of one of it's complements in production move in
the same direction
the expectations that can change supply
-expected price change of the good
-expected price change of resources
output per unit of input
productivity
main influence on productivity
technology
occurs when the quantity demanded equals the quantity sullied- when buyers and sellers plans are consistent
market equilibrium
the price at which the quantity demanded equals the quantity supplied
equilibrium price
the quantity bought and sold at the equilibrium price
equilibrium quantity
when there is a shortage the price rises; when there is a surplus, the price falls
law of market forces
excess supply
surplus
excess demand
shortage
-equilibrium quantity increases
-equilibrium price is ambiguous
increase in supply and demand
-equilibrium quantity decreases
-equilibrium price is ambiguous
decrease in supply and demand
-equilibrium price rises
-equilibrium quantity is ambiguous
increase in demand, decrease in supply
-equilibrium price falls
-equilibrium quantity is ambiguous
decrease in demand, increase in supply