Definitions of the newest Mankiw (Special edition with financial crisis) Ch. 4-6
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| Market | a group of buyers and sellers of a particular good or service
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| Competitive market | a market in which there are many buyers and many sellers so that each has a negligible impact on the market price
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| Quantity demanded | the amount of a good that buyers are willing and able to purchase
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| Law of demand | the claim that, other things equal, the quantity demanded of a good falls when the price of the good rises
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| Demand schedule | a table that shows the relationship between the price of a good and the quantity demanded
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| Demand curve | a graph of the relationship between the price of a good and the quantity demanded
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| Normal good | a good for which, other things equal, an increase in income leads to an increase in demand
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| Inferior good | a good for which, other things equal, an increase in income leads to a decrease in demand
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| Substitutes | Two goods for which an increase in the price of one leads to an increase in the demand of the other
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| Complements | Two goods for which an increase in the price of one leads to a decrease in the demand of the oter
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| Quantity supplied | the amount of a good that sellers are willing and able to sell
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| Law of supply | the claim that, other things equal, the quantity supplied of a good rises when the price of the good rises
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| Supply schedule | a table that shows the relationship between the price of a good and the quantity supplied
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| Supply curve | a graph of the relationship between the price of a good and the quantity supplied
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| Equilibrium | a situation in which the price has reached a level where quantity supplied equals quantity demanded
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| Equilibrium price | the price that balances quantity supplied and quantity demanded
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| Equilibrium quantity | the quantity supplied and the quantity demanded at the equilibrium price
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| Surplus | a situation in which quantity supplied is greater then quantity demanded
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| Shortage | a situation in which quantity demanded is greater than quantity supplied
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| Law of supply and demand | the claim that the price of any good adjusts to bring the quantity supplied and the quantity demanded for that good into balance
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| Elasticity | a measure of the responsiveness of quantity demanded or quantity supplied to one of its determinants
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| Price elasticity of demand | a measure of how much the quantity demanded of a good responds to a change in the price of that good, computed as the percentage change in quantity demanded divided by the percentage change in price
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| Total revenue | the amount paid by buyers and received by sellers of a good, computed as the price of the good times the quantity sold
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| Income elasticity of demand | a measure of how much the quantity demanded of a good responds to a change in consumers' income, computed as the percentage change in quantity demanded divided by the percentage change in income
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| Cross-price elasticity of demand | a measure of how much the quantity demanded of one good responds to a change in the price of another good, computed as the percentage change in quantity demanded of the first good divided by the percentage change in the price of the second good
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| Price elasticity of supply | a measure of how much the quantity supplied of a good responds to a change in the price of that good, computed as the percentage change in quantity supplied divided by the percentage change in price
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| Price ceiling | a legal maximum on the price at which a good can be sold
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| Price floor | a legal minimum on the price at which a good can be sold
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| Tax incidence | the manner in which the burden of a tax is shared among participants in a market
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