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Warmoth Gibbs

ECO 2023 Module 4

QuestionAnswer
Market a group of buyers and sellers of a particular good or service
Competitive Market a market in which there are many buyers and many sellers so that each has a negligible impact on market price
Quantity Demanded the amount of a good that buyers are willing and ABLE to purchase
Law of Demand the claim that, other things equal, the quantity demanded of a good falls when the price of the good rises
Demand Schedule a table that showsthe relationship between the price of a good and the quantity demanded
Demand Curve a graph of the relationship between the price of a good and the quantity demanded
Normal Good a good for which, other things equal, and increase in income leads to an increase in demand
Inferior Good a good for which, other things equal, an increase in income leads to a decrease in demand
Substitutes two goods for which an increase in the price of one leads to an increase in the demand for the other
Complements two goods for which an increase in the price of one leads to a decrease in the demand for the other
Quantity Supplied the amount of a good 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 a good rises
Supply Schedule a table that shows the relationship between the price of a good and the quantity supplied
Supply Curve a graph of 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
Equilibrium Price the price that balances quantity supplied and quantity demanded
Equilibrium Quantity the quantity supplied and the quantity demanded at the equlibrium price
Surplus a situation in which quantity supplied in greater than quantity demanded
Shortage a situation in whihc quantity demanded is greater than quantity supplied
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
Created by: Gutter23