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MACROECONOMICS Z.P.

CHAPTER 4 SUPPLY AND DEMAND

QuestionAnswer
complementary goods goods that are used together (as the price of one rises, the demand for the other falls)
demand the quantities of a wall-defined commodity that consumers are willing and able to buy at each possible price during a given period of time, ceteris paribus
demand curve a graph of a demand schedule that measures price on the vertical axis and quantity demanded on the horizontal axis
demand schedule a list of table of the prices and the corresponding quantities demanded of a particular good or service
determinants of demand factors other than the price of the good that influence demand - income, tastes, prices of related foods and services, expectations, and number of buyers
disequilibrium a point at which quantity demanded and quantity supplied are not equal at a particular price
equilibrium the point at which quantity demanded and quantity supplied are equal at a particular price
exchange rate the price of one country’s money in terms of another country’s money
determinants of supply factors other than the price of the good that influence supply—prices of resources, technology and productivity, expectations of producers, number of ­producers, and the prices of related goods and services
inferior goods goods for which demand decreases as income increases
law of demand as the price of a good or service rises (falls), the quantity of that good or service that people are willing and able to purchase during a particular period of time falls (rises), ceteris paribus
law of supply as the price of a good or service that producers are willing and able to offer for sale during a particular period of time rises (falls) , the quantity of that good or service supplied rises (falls), ceteris paribus
market a place or service that enables buyers and sellers to exchange goods and services
normal goods goods for which demand increases as income increases
price ceiling a situation where the price is not allowed to rise above a certain level
price floor a situation where the price is not allowed to decrease below a certain level
productivity the quantity of output produced per unit of resource
quantity demanded the amount of a product that people are willing and able to purchase at a specific price
quantity supplied the amount sellers are willing and able to offer at a given price, during a given period of time, everything else held constant
shortage a quantity supplied that is smaller than the quantity demanded at a given price
substitute goods goods that can be used in place of each other (as the price of one rises, the demand for the other rises)
supply the amount of a good or service that producers are willing and able to offer for sale at each possible price during a period of time, ceteris paribus
supply curve a graph of a supply schedule that measures price on the vertical axis and quantity supplied on the horizontal axis
supply schedule a list or table of prices and corresponding quantities supplied of a particular good or service
surplus a quantity supplied that is larger than the quantity demanded at a given price
Created by: t16bcry on 2009-10-25



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