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High School Economic

Supply and Demand

TermDefinition
Law of Demand the claim that, other things being equal, the quantity demanded of a good falls when the price of the good rises
Law of Supply the claim that, other things being equal, the quantity supplied of a good rises when the price of the good rises
Quantity Demanded the amount of a good that buyers are willing and able to purchase
Quantity Supplied the amount of a good that sellers are willing and able to sell
Demand Schedule a table that shows the relationship between the price of a good and the quantity demanded
Supply Schedule a table that shows the relationship between the price of a good and the quantity supplied
Demand Curve a graph of the relationship between the price of a good and the quantity demanded
Supply Curve a graph of the relationship between the price of a good and the quantity supplied
Equilibrium a situation in which the market price has reached the level at which quantity supplied equals quantity demanded
Shortage a situation in which quantity demanded is greater than quantity supplied
Surplus a situation in which quantity supplied is greater than quantity demanded
Created by: dillon.nerud
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