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15 Cards in this Set
- Front
- Back
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any mechanism which brings together buyers and sellers of products
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market
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the amounts of a product which consumers are willing and able to buy at various prices during a given time period
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demand
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the amounts of a product which products/suppliers are willing and able to make available for sale at various prices during a given time period
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supply
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what terms imply a relationship between prices and quantities
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demand and supply
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the specific quantity of a product that consumers are willing/able to buy at a particular price
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quantity demanded
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quantity demanded refers to what price
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a single price
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demand refers to what price
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all relevant
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the price of the product is the what variable
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independent
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the quantity demanded of the product is the what variable
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dependent
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increase in the D curve is what shift
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rightward
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decrease in the D curve is a what shift
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leftward
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the specific quantity of a product that producers/suppliers are able and willing to make available for sale at a particular price
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quantity supplied
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law of supply
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the higher the price of the product the greater the quantity supplied and vice versa
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shifts of a supply curve result from change in any determinant of supply other than what
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the price of the product
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market equilibrium
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when quantity supplied and demanded are equal
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