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Supply and Demand

TermDefinition
Aggregate Demand The total demand for a product in the whole economy or market
Consumer Surplus The benefit earned by consumers due to the difference between the price they would have been willing to pay and the price they actually paid
Substitute Good Different goods that a least partly satisfy the same needs of the consumer and therefore can be used to replace one another
Complementary Goods A product that is typically used in conjunction with another product such that a change in demand for one product results in a change in the demand for the other product
Equilibrium Price he market price at which the supply of an item equals the quantity demanded of that item
Law of supply The law of supply states that as the price of a good rises suppliers are willing to supply more
Consumer Equilibrium The point at which a consumer reaches optimum utility from the goods purchases give the constraint of income and prices
Demand Schedule A table which contains values for the price of a good and the quantity that would be demanded at that price
Created by: pdsteconomics
 

 



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