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Chapter 4

The Market Forces of Supply and Demand

TermDefinition
Market a group of buyers and sellers of a particular product
Competitive Market one with many buyers and sellers, each has a negligible effect on price
quantity demanded the amount of the good that buyers are willing and able to purchase
Law of Demand the claim that the quantity demanded of a good falls when the price of the good rises, other things equal
Demand schedule a table that shows the relationship between the price of a good and the quantity demanded
normal good demand positively related to income
inferior good demand negatively related to income
Two goods are substitutes when? an increase in the price of one causes an increase in demand for the other
Two goods are complements when? an increase in the price of one causes a fall in demand for the other
quantity supplied the amount that sellers are willing and able to sell
Law of supply the claim that the quantity supplied of a good rises when the price of the good rises, other things equal
Supply schedule A table that shows the relationship between the price of a good and the quantity supplied
Created by: bigbruda_15
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