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Econ Test

TermDefinition
Supply The willingness and ability of sellers to produce and offer to sell different quantities of a good at different prices during a specific time period
Demand
Quantity Supplied The number of units of a good produced and offered for sale at a specific price
Quantity Demanded
Price
Supply Curve A graph that shows the amount of a good that sellers are willing and able to sell at various prices
Demand Curve
How does movement occur on supply and demand curve?
Elastic
Unit Elastic
Elasticity
Inferior Good
Normal Good
Necessary Good
Substitute
Law of Demand
Surplus Market When the quantity Supplied of a good is greater than the quantity demanded
Shortage Market When the quantity demanded of a good is greater than the quantity supplied
Equilibrium When the quantity of a good that buyers are willing and able to buy is equal to the quantity that sellers are willing and able to produce and offer for sale
Created by: user-1734894
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