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Macroeconomics

Chapter 4

TermDefinition
Quantity Supplied What is the amount of a goo that sellers are willing and able to sell?
Law of Supply The claim that, other things equal, the quantity supplied of a good rises when the price of the goo rises
Quantity Demand The amount of a good that the buyers are willing and able to purchase
Law of Demand The claim that, other things equal, the quantity demand of a good falls when the price of the good rises
Equilibrium A situation in which the market price has reached the level at which quantity supplied equals quantity demanded
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
Shortage A situation in which quantity demand is greater than quantity supplied
Surplus A situation in which quantity supplied is greater than quantity demanded
Created by: beckster3000
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