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Chapter 4

Market A place for commerce; a network of buyers or sellers. Also, the demand for a product; a price-determination process.
Demand The quantity of a good or service that buyers will purchase at various prices during a given period of time.
Law of Demand A law stating that the quantity demanded of a product varies inversely with its price, as long as the other things do not change.
Demand Schedule A table showing the quantities demanded of a product at particular prices.
Ceteris Paribus Latin for "other things being equal"/"as long as other things do not change";assumption made when economicts want to understand cause-and-effect relationship between any two factors and want other factors affecting that relationship to be held constant.
Demand Curve A straight line or curve on a graph illustrating the demand schedule for a product.
Market Demand Schedule The sum total of all the consumer demands for a good or service.
Supply The quantities that sellers will offer for sale at various prices during a given period of time.
Law of Supply A law stating that the quantity supplied of a product will increase if price increases and fall if price falls, as long as other things do not change.
Supply Schedule A table showing the quantities of a product supplied at particular prices.
Equilibrium Price A price set by the interaction of demand and supply in which the absence of surpluses or shortages in the market means there is no tendency for the price to change.
Non-Price Factor A factor held constant in the relationship between price and quantity demanded and supplied. (demand) income, pop.,preferences,expect,and price of substitute goods;(supply)cost, # sellers, tech., nature/enviro, and price of related items.
Demographics Population Statistics that show changes in age, income, and overall numbers, often used by businesses in their planning.
Consumer Expectations What consumers believe will happen to the price of a product in the future; such beliefs have the effect of changing consumer demand for the product in the present.
Substitute Goods Goods that are similar to other goods and serve as an alternative if the price of the latter goods rise.
Complement Goods Goods that are sold together along with other goods, ie. gasoline and automobiles.
pure (or perfect) Competition A rare market structure characterized by many sellers (selling exactly the same product) many buyers, no barriers to entry into the market for new firms, and perfect knowledge of prices (so there are no price differences and no individual can influence)
Created by: sgreulich



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