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EconomicsNicky Ch 2

Demand and Supply definitions

QuestionAnswer
demand the relationship between the various possible prices of a product and the quantities of that product consumers are willing to purchase
quantity demanded the amount of a product consumers are willing to purchase at each price
law of demand states that there is an inverse relationship between a product’s quantity demanded and its price
demand schedule a table that shows possible combinations of prices and quantities demanded of a product
demand curve a graph that expresses possible combinations of prices and quantities demanded of a product
change in quantity demanded: the effect of a price change on quantity demanded
market demand the sum of all consumers’ quantity demanded for a product at each price
demand factors factors that can cause an increase or a decrease in a product’s demand
increase in demand an increase in the quantity demanded of a product at all prices
decrease in demand a decrease in the quantity demanded of a product at all prices
normal products products whose demand changes directly with income
inferior products products whose demand changes inversely with income
substitute products products that can be consumed in place of one another
complementary products products that are consumed together
supply the relationship between the various possible prices of a product and the quantities of the product that businesses are willing to supply
quantity supplied the amount of a product businesses are willing to supply at each price
market supply the sum of all producers’ quantities supplied at each price
supply schedule a table that shows possible combinations of prices and quantities supplied of a product
supply curve a graph that expresses possible combinations of prices and quantities supplied of a product
change in quantity supplied the effect of a price change on quantity supplied
supply factors factors that can cause an increase or a decrease in a product’s supply
increase in supply an increase in the quantity supplied of a product at all prices
decrease in supply a decrease in the quantity supplied of a product at all prices
market equilibrium the stable point at which demand and supply curves intersect
surplus an excess of quantity supplied over quantity demanded
shortage an excess of quantity demanded over quantity supplied
Created by: 855205366