CHAPTER 4 SUPPLY AND DEMAND
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| complementary goods | goods that are used together (as the price of one rises, the demand for the other falls)
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| 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
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| demand curve | a graph of a demand schedule that measures price on the vertical axis and quantity demanded on the horizontal axis
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| demand schedule | a list of table of the prices and the corresponding quantities demanded of a particular good or service
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| 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
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| disequilibrium | a point at which quantity demanded and quantity supplied are not equal at a particular price
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| equilibrium | the point at which quantity demanded and quantity supplied are equal at a particular price
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| exchange rate | the price of one country’s money in terms of another country’s money
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| 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
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| inferior goods | goods for which demand decreases as income increases
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| 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
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| 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
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| market | a place or service that enables buyers and sellers to exchange goods and services
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| normal goods | goods for which demand increases as income increases
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| price ceiling | a situation where the price is not allowed to rise above a certain level
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| price floor | a situation where the price is not allowed to decrease below a certain level
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| productivity | the quantity of output produced per unit of resource
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| quantity demanded | the amount of a product that people are willing and able to purchase at a specific price
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| 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
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| shortage | a quantity supplied that is smaller than the quantity demanded at a given price
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| substitute goods | goods that can be used in place of each other (as the price of one rises, the demand for the other rises)
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| 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
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| supply curve | a graph of a supply schedule that measures price on the vertical axis and quantity supplied on the horizontal axis
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| supply schedule | a list or table of prices and corresponding quantities supplied of a particular good or service
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| surplus | a quantity supplied that is larger than the quantity demanded at a given price
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