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10 Cards in this Set
- Front
- Back
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Demand Schedule |
a table that shows the relationship between the price of a product and the quantity of the product demanded |
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quantity demanded |
the amount of a good or service that a consumer is willing and able to purchase at a given price |
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Demand curve |
a curve that shows the relationship between the price of a product demanded and the quantity demanded |
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Supply schedule |
a table that shows the relationship between the price of a product and the quantity of the product supplied |
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Quantity Supplied |
the amount of a good or service that a producer is willing and able to supply at a given price |
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Supply curve |
a curve that shows the relationship between the price of a product supplied and quantity supplied |
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Market equilibrium |
Where the demand and supply curve intersect |
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Law of demand |
The rule that, holding everything else constant, when the price of a product falls, the quantity demanded of the product will increase, and when the price of a product rises, the quantity demanded of the product will decrease |
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Law of supply |
the rule that, holding everything else constant, increases in price cause increases in the quantity supplied, and decreases in the quantity supplied |
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"invisible hand" |
A market that is not at equilibrium moves toward equilibrium via adjustment of price |
