A schedule or curve that shows the various amounts of a product that consumers will buy at each of a series of possible prices during a specific period.

The principle that, all else equal, as price falls, the quantity demanded rises, and as price rises, the quantity demanded falls.

A curve illustrating the inverse relationship between the price of a product and the quantity of it demanded, other things equal.

Determinants of demand

Factors other than price that locate the position of a demand cure.

A good (or service) whose consumption rises when income increases and falls when income decreases.

A good (or service) whose consumption declines as income rises and rises as income decreases.

A good (or service) that can be used in place of some other good (or service).

A good (or service) that is used in conjunction with some other good (or service).

A change in the quantity demanded of a product at every price.

Change in quantity demanded

A movement from one point to another on a demand curve.

A schedule or curve that shows the amounts of a product that producers are willing to make available for sale at each of a series of possible prices during a specific period.

The principle that, other things equal, an increase in the price of a product will increase the quantity of it supplied; and conversely for a price decrease.

Curve illustrating the direct relationship between the quantity supplied of a product and its price, other things equal.

Determinants of supply

Factors other than the price that determine the quantities supplied of products.

A change in the quantity supplied of a product at every price; a shift of the supply curve to the left or right.

Change in quantity supplied

A movement from one point to another on a fixed supply curve.

A price in a competitive market at which the quantity demanded and quantity supplied of a product are equal.

The quantity demanded and quantity supplied that occur at the equilibrium price in a competitive market.

The amount by which the quantity supplied of a product exceeds the quantity demanded at a specific (above equilibrium) price.

The amount by which the quantity demanded of a product exceeds the quantity supplied at a specific (below equilibrium) price.

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Economics Ch3

Question	Answer
Demand	A schedule or curve that shows the various amounts of a product that consumers will buy at each of a series of possible prices during a specific period.
Law of demand	The principle that, all else equal, as price falls, the quantity demanded rises, and as price rises, the quantity demanded falls.
Demand curve	A curve illustrating the inverse relationship between the price of a product and the quantity of it demanded, other things equal.
Determinants of demand	Factors other than price that locate the position of a demand cure.
Normal good	A good (or service) whose consumption rises when income increases and falls when income decreases.
Inferior good	A good (or service) whose consumption declines as income rises and rises as income decreases.
Substitute good	A good (or service) that can be used in place of some other good (or service).
Complementary good	A good (or service) that is used in conjunction with some other good (or service).
Change in demand	A change in the quantity demanded of a product at every price.
Change in quantity demanded	A movement from one point to another on a demand curve.
Supply	A schedule or curve that shows the amounts of a product that producers are willing to make available for sale at each of a series of possible prices during a specific period.
Law of supply	The principle that, other things equal, an increase in the price of a product will increase the quantity of it supplied; and conversely for a price decrease.
Supply curve	Curve illustrating the direct relationship between the quantity supplied of a product and its price, other things equal.
Determinants of supply	Factors other than the price that determine the quantities supplied of products.
Change in supply	A change in the quantity supplied of a product at every price; a shift of the supply curve to the left or right.
Change in quantity supplied	A movement from one point to another on a fixed supply curve.
Equilibrium price	A price in a competitive market at which the quantity demanded and quantity supplied of a product are equal.
Equilibrium quantity	The quantity demanded and quantity supplied that occur at the equilibrium price in a competitive market.
Surplus	The amount by which the quantity supplied of a product exceeds the quantity demanded at a specific (above equilibrium) price.
Shortage	The amount by which the quantity demanded of a product exceeds the quantity supplied at a specific (below equilibrium) price.

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