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Activity 4E

How Does the Interaction of Supply and Demand Determine Prices?

TermDefinition
Demand How much of a good or service consumers are willing to buy at a particular price.
Law of Demand As the price of a product increases, the demand for that product decreases.
Demand Curve A type of graph that shows the quantity of a product people would be willing to buy at a given price.
Consumers The individuals and businesses who buy and use goods and services.
Producers The manufacturers and merchants who make and sell goods and services.
Supply The outputs of the production process.
Law of Supply A the price of a product increases, the quantity of that product a producer is willing to make and sell also increases.
Equilibrium Price The price at which the quantity demanded by consumers equals the quantity supplied by producers.
Competition When producers compete with one another to sell goods and services.
Free Choice When people are free to make, sell and buy whatever goods and services they want.
Supply Curve A type of graph that shows the quantity of a product that a producer is willing and able to sell at different prices.
Substitute A good that performs a similar function
Inputs Productive resources.
Outputs Goods and services demanded by consumers.
Created by: betsywellman