supply and demand
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| Aggregate Demand | The total demand for a product in the whole economy or market
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| Consumer Surplus | The benefit earned by consumers due to the difference between the price they would have been willing to pay and the price they actually paid
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| Substitute Good | Different goods that a least partly satisfy the same needs of the consumer and therefore can be used to replace oneanother
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| Complementary Goods | A product that is typically used in conjunction with another product such that a change in demand for one product results in a change in the demand for the other product
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| Equilibrium Price | The market price at which the supply of an item equals the quantity demanded of that item
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| Law of supply | The law of supply states that as the price of a good rises suppliers are willing to supply more
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| Consumer Equilibrium | The point at which a consumer reaches optimum utility from the goods purchases give the constraint of income and prices
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| Demand Schedule | A table which contains values for the price of a good and the quantity that would be demanded at that price
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Review the information in the table. When you are ready to quiz yourself you can hide individual columns or the entire table. Then you can click on the empty cells to reveal the answer. Try to recall what will be displayed before clicking the empty cell.
To hide a column, click on the column name.
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Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
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Created by:
burumba
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