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modules 5, 6, & 7

TermDefinition
quantity demanded actual amount of a good or service consumers are willing and able to buy at some price level
law of demand higher price of a good or service leads people to demand a smaller quantity of that good
change in demand shift of the demand curve
movement along the demand curve change in the QUANTITY DEMANDED of a good that is the result of a change in that good's price
substitutes Pairs of goods for which a rise in price of one of the goods leads to an increase in demand for the other good
complements pairs of goods for which a rise in price of one good leads to a decrease in the demand for the other good
inferior good a good for which a rise in income decreases the demand for the good
normal good a good for which a rise in income increases the demand for that good
quantity supplied the actual amount of a good or service producers are willing to sell at some specific price
law of supply other things being equal, the price and quantity supplied of a good are positively related
change in supply a shift of the supply curve which changes the quantity supplied at any given point
movement along the supply curve a change in the QUANTITY SUPPLIED of a good that results from a change in the price of that good
input a good or service used to produce another good or service
equlibrium an economic situation in which no individual would be better off doing something different
surplus excess of a good or service that occurs when the quantity supplied exceeds the quantity demanded; occurs when the price is ABOVE the equilibrium price
shortage insufficiency of a good or service that occurs when the quantity demanded exceeds the quantity supplied; occurs when the price is BELOW the equilibrium price
Created by: michaelbitar