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Supply& Demand Vocab

Supply& Demand Vocabulary in Economics

TermDefinition
Market Includes the customers and locations that a business wants to serve
Supply How much of a good or service a producer is willing and able to produce at different prices
Demand An individual's need or desire for a good or service at a given price
Law of Demand As prices decrease for a particular good or service, the demand for that item will increase and vice-versa
Law of Supply As prices increase for a particular good or service, the supply for that item will decrease and vice-versa
Price The amount at which a good or service will be sold in a market
Profit Motive The hope of making a profit
Supply and Demand Graph A visual representation of supply and demand
Equilibrium or Market Price The point at which supply and demand curves meet
Competition A contest for some prize, honor, or advantage
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