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Supply & Demand

QuestionAnswer
Demand The quantity of a good or service that buyers are willing and able to buy at all possible prices during a certain time period.
Demand Curve A graphic representation of the law of demand.
Demand Schedule Table that shows how much of a good or service consumers are both willing and able to buy at different prices.
Disequilibrium: When the market price is above or below the equilibrium price.
Equilibrium quantity The price at which quantity supplied and quantity demanded are equal. The point at which the supply and demand curves intersect.
Inferior good A good for which demand increases as income decreases and demand decreases as income increases.
Law of demand As the price of a good or service rises, the quantity demanded of that good or service falls. Likewise, as the price of a good or service falls, the quantity demanded of that good or service rises.
Law of supply As the price of a good or service rises, the quantity supplied of that good or service rises. Likewise, as the price of a good or service falls, the quantity supplied of that good or service falls.
Market equilibrium The intersection point when you combine the supply and demand curve.
Normal good A good for which demand increases as income increases and demand decreases as income decreases.
Price The amount of money that buyers pay when they buy a good or service; the amount of money sellers receive when they sell a good or service.
Price Ceilings A legal barrier that holds a price below the equilibrium price such as rent control.
Price Controls A barrier that prevents a market from reaching equilibrium.
Price floors A legal barrier that holds a price above the equilibrium price such as a minimum wage law.
Quantity demanded The amount of a good or service that consumers are willing and able to buy at a specific price.
Shortage A situation in which the quantity demanded is greater than the quantity supplied.
Subsidy A government payment that supports a business or a market.
Supply The quantity of a good or service that producers are willing and able to offer for sale at each possible price during a given time period.
Supply curve A graphic representation of the law of supply.
Supply schedule Table that shows how much of a good or service producers will supply at different prices.
Surplus A situation in which the quantity supplied is greater than the quantity demanded.
Created by: tamaralamb
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