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13 Cards in this Set
- Front
- Back
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any place where factors of production such as land lapbor and capital are bought and sold
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factor market
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any place where finished goods and services are bought and sold
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product market
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the ability and willingness to sell specific quantities of a good at alternative prices in a given time period
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supply
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the abilitiy and willingness to buy specific quantities of a good at alternative prices in a given time period
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demand
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the most desired goods or services that are gorgone in order to obtain something else
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opportunity cost
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a table showing the quantities of a good a consumer is willing and able to buy at alternative prices in a given time period
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demand schedule
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the quantity of a good demanded in a given time period increases as its price fals
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law of demand
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the total quantities of a good or service people are willing and able to buy at alternative prices in a given time period; the sum of individual demands
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market demand
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the total quantities o a good that sellers are willing and able to sell at alternative prices in a given time period.
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market supply
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the quantity of a good supplied in a given time period increases as its price increases
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law of supply
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the price at which the quantity of a good demanded in a given time period equals the quantity supplied
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equilibirium price
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the use of market prices and sales to signal desired outputs
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market mechanism
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lower limit set for the price of a good
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price floor
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