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Econ Chapter 1

Econ Chapter 1 Test Terms

TermDefinition
Complementary Goods Two goods where the increase in price leads to a decrease in demand.
Law of Supply The quantity of a good supplied rises when the price of the good rises.
Equilibrium Quantity The quantity supplied and the quantity demanded at the equilibrium price.
Law of Supply and Demand The price of any good adjusts to bring the quantity supplied and the quantity demanded for the good into balance.
Quantity Demanded The amount of a good that buyers are willing and able to purchase.
Demand Schedule A table that shows the relationship between the price of a good and the quantity demanded.
Equilibrium Price The price that balances the quantity supplied and the quantity demanded.
Quantity Supplied The amount of a good that sellers are willing and able to sell.
Variables That Affect The Supply Curve Price, Input Prices, Technology, Expectations, Number of Sellers
Equilibrium Point The point where the quantity supplied equals the quantity demanded.
Demand Curve A graph of the relationship between the price of a good and the quantity demanded.
Surplus When the quantity supplied is greater than the quantity demanded.
Shortage When the quantity demanded is greater than the quantity supplied.
Supply Schedule A table that shows the relationship between the price of a good and the quantity supplied.
Normal Goods A good where an increase in income leads to an increase in demand.
Inferior Goods A good where an increase in income leads to a decrease in demand.
Substitute Goods Two goods where the increase in price of one good leads to the increase in demand of the other good.
Law of Demand The quantity demanded of a certain product falls when the price of the good rises.
Supply Curve A graph of the relationship between the price of a good and the quantity supplied.
GDP Consumption, Investment, Government, Net Exports
Major Markets Dow, Nasdaq, S&P
Market A group of buyers and sellers for a particular good or service.
Competitive Market A market in which there are so many buyers and so many sellers that each has a negligible impact on the market price.
Created by: BenBlakeJohnson
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