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23 Cards in this Set
- Front
- Back
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quantity demanded
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the amount of a good or service that consumer would purchase at a particular price
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law of demand
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the quantity demanded of a good varies inversely with its price
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subsitution effect
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effect of a change in price of a good on the amount purchased that results from the consumer substituting less expensive alt.
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income effect
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effect of a change in price of a good on amount purch. that results from a change in the purch. power of the cons. imcome due to price change
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demand
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the relationship b.t. the quantities of a good that consumer desire to purchase at a time and the various prices that can exist from the good
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demand schedule
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a table recording the number of units of a good demanded at various possible prices
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demand curve
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a graphic rep. of the relationship between price and quantity demanded
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community demand schedule
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the sum of all the ind. demand schedules in a particular market showing the total quantites demanded by the buyers in the market at each of the various possible prices
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supply
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the relationship b.t. the quantities of a good that sellers wish to market at any certain time and the various prices that can exist for the good
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supply schedule
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a table recording the number of units of a good supplied at various possible prices
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supply schedule
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a table recording the number of units of a good supllied at various possible prices
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supply curve
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a graphic rep. of the relationsip bt price and quantity supplied
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law of supply
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the quantity supplied of a good varies directly with its price
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equilibrium price
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the price at which the quantity of a good offered by suppliers is exactly = to the amount that is demanded by purchasers
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shortage
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an excess of quantity demanded over quantity supplied that occures when a price is below the equilibrium price
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surplus
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an excess amount supplied over quantity demanded that occures when a price is above the equilibrium price
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consumer tastes and preferences
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individual liking for specific goods
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subsitute
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a product that is interchangeable in use with another product
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complement
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a product that is emplyed jointly in conjunction with another product
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long run
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a period of time sufficiently long that the amount of all factor inputs can be varied
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short run
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a period of time so short that the amount of some factor inputs cannot be varied
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shift in demand
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a change in the quantity of a good that would be purchased at each possible price
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shift in supply
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a change in the quantity of a good that would be offered for sale at each possible price
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