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mac econ

chapter 2 vocab

QuestionAnswer
Supply The willingness and ability of sellers to provide goods for sale in a market.
Demand The willingness and ability of buyers to purchase goods.
Law of Demand The principle that an inverse relationship exists between the price of a good and the quantity of that good that buyers demand, other things being equal.
Demand Curve A graphical representation of the relationship between the price of a good and the quantity of that good that buyers demand.
Change in quantity demanded A change in the quantity of a good that buyers are willing and able to purchase that results from a change in the good's price, other things being equal; shown by a movement from one point to another along a demand curve.
Change in demand A change in the quantity of a good that buyers are willing and able to purchase that results from a change in some condition other than the price of that good; shown by a shift in the demand curve.
Substitute goods A pair of goods fro which an increase in the price of one causes an increase in demand for the other.
Complementary goods A pair of goods for which an increase in the price of one results in a decrease in demand for the other.
Normal good A good for which an increase in consumer incomes results in consumer incomes results in a decrease in demand.
Inferior Good A good for which an increase in consumer incomes results in a decrease in demand.
Law of Supply The principle that a positive relationship exists between the price of a good and the quantity of that good that sellers offer, other things being equal.
Supply curve A graphical representation of the relationship between the price of a good and the quantity of that good that sellers are willing to supply.
Change in quantity supplied A change in the quantity of a good that suppliers are willing and able to sell that results from a change in the good's price, other things being equal; shown by a movement along a supply curve.
Change in supply A change in the quantity of a good that suppliers are willing and able to sell that results from a change in some condition other than the good's price; shown by a shift in the supply curve.
Equilibrium A condition in which buyers' and sellers' plans exactly mesh in the marketplace, so that the quantity supplied exactly equals the quantity demanded at a given price.
Excess quantity demanded (shortage) A condition in which the quantity of a good demanded at a given price exceeds the quantity supplied.
Inventory A stock of a finished good awaiting sale or use.
Excess quantity supplied (surplus) A condition in which the quantity of a good supplied at a given price exceeds the quantity demanded.
Created by: fugue009
 

 



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