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Supply and Demand
| Term | Definition |
|---|---|
| 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 |
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pdsteconomics
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