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Chapter 3
| Question | Answer |
|---|---|
| Market | a business that brings together buyers and sellers |
| quantity demand | a number of buyers are willing and able to buy goods and services at a certain time and a certain price.....all other things unchanged. |
| demand schedule | a graph, chart, or table that shows the quantities of a good or service demanded at a different during a certain time period. |
| demand curve | a graphical representation of a demand schedule |
| change in quantity demand | a movement along a demand curve that results from a change in price |
| law of demand | higher prices; decreasing product. lower prices; increasing product. |
| change in demand | a shift in a demand curve |
| demand shifter | a variable that can change the quantity of a good or service demanded at each price |
| complements | name brand product is more expensive than a generic product. |
| substitutes | people want more of a certain product which means the store has to order more of the product or something similar. |
| normal goods | a good for which demand increases when income increases |
| inferior goods | the product decreases when people buy that product. |
| quantity supplied | a salesman is willing to sell a product or service at a particular price during a particular period. |
| supply schedule | a table that shows the amount of products supplied at different prices during a certain time. |
| supply curve | a graphical representation of supply schedule |
| change in quantity supplied | movement along the supply curve caused by a change in price |
| change in supply | a shift in the supply curve |
| supply shifter | a variable that can change in the amount of good or service supplied at each price |
| model of demand and supply | Model that uses demand and supply curves to explain the determination of price and quantity in a market. |
| equilibrium price | The price at which quantity demanded equals quantity supplied. |
| equilibrium quantity | the amount demanded and supplied at the equilibrium price |
| surplus | The amount by which the quantity supplied exceeds the quantity demanded at the current price. |
| shortage | when there is a limited amount of products. |
| circular flow model | model that show how the markets work and how they relate to each other |
| product market | markets in which firms supply products and services demanded by households |
| factor market | market in which households supply "x" amount of productions- labor, capital, and natural resources- demanded by firms. |
Created by:
rcarter32
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