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Supply & Demand

Key terms for Obj. 2.02 on Supply & Demand

Market Includes the customers and locations that a business wants to serve.
Supply How much of a good or service a producer is willing and able to produce at different prices.
Demand An individual's need or desire for a good or service at a given price.
Law of Demand As prices fall for a particular good or service, the demand for that item will increase and vice-versa.
Law of Supply As the price of a particular good or service increases, the supply for that item will also be increased and vice-versa.
Price The amount at which a good or service will be sold in a market.
Profit Motive The hope of making a profit.
Supply and Demand Graph A visual representation of supply and demand.
Equilibrium or Market Price The point at which the supply and demand curves meet.
Competition A contest for some prize, honor, or advantage.
Created by: psh325a



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