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25 Cards in this Set
- Front
- Back
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Quantity demanded |
The amount of any good/service/resource that people are willing and able to buy during a specified period at a specified price |
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Law of Demand |
Other things remaining the same, if the price of a good rises, the quantity demanded of that good decreases; vice versa |
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Demand |
The relationship between the quantity demanded and the price of a good when all other influences on buying plans remain the same |
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Demand Schedule |
A list of the quantities demanded at each different price when all the other influences on buying plans remain the same |
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Demand Curve |
a graph of the relationship between the quantity demanded of a good and its price when all the other influences on buying plans remain the same |
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Change in Demand |
a change in the quantity that people plan to buy when any influence on buying plans other than the price of the goods changes |
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Substitute |
a good that can be consumed in place of another good |
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Complement |
a good that is consumed with another good |
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Normal Good |
a good for which demand increases when income increases and demand decreases |
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Inferior Good |
a good for which demand decreases and demand increases when income decreases |
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Change in the Quantity Demanded |
a change in the quantity of a good that people plan to buy the results from a change in the price of the good with all other influences on buying plans remaining the same |
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Quantity supplied |
the amount of any good/service/resource that people are willing and able to sell during a specified period at a specified price |
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Law of Supply |
Other things remaining the same, if the price of a good rises, the quantity supplied of that good increases; vice versa |
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Supply |
the relationship between the quantity supplied and the price of a good when all other influences on selling plans remain the same |
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Supply Schedule |
a list of the quantities supplied at each different price when all the other influences on selling plans remain the same |
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Supply Curve |
a graph of the relationship between the quantity supplied of a good and its price when all the other influences on selling plans remain the same |
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Change in Supply |
a change in the quantity that suppliers plan to sell when any influence on selling plans other than the price of the good changes |
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Substitute in Production |
a good that can be produced in place of another good |
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Complement in Production |
a good that is produced along with another good |
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Productivity |
output per unit of input |
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Change in the Quantity Supplied |
a change in the quantity of a good that suppliers plan to sell that results from a change in the price of the good
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Market Equilibrium |
when the quantity demanded equals the quantity supplied, buyers' and seller' plans are in balance |
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Equilibrium Price |
the price at which the quantity demanded equals the quantity supplied |
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Equilibrium Quantity |
the quantity bought and sold at the equilibrium price |
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Law of Market Forces |
when there is a surplus, the price falls; when there is a shortage, the price rises (and vice versa) |
