Supply and Demand
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| Demand | The schedule of quantities of a good or service that people are willing and able to BUY at different prices.
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| Supply | The schedule of quantities of a good or service that people are willing and able to SELL at different prices.
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| Equilibrium price | The price at which quantity demanded equals quantity supplied.
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| Equilibrium quantity | The quantity bought and sold at the equilibrium price
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| Surplus Vs Shortage | Surplus- market price is above equilibrium price. Shortage- market price if below equilibrium price
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| An increase in demand leads to what? | An increase in both equilibrium price and quantity
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| A decrease in demand leads to what? | A decrease in both equilibrium price and quantity
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| An increase in supply... | Decreases equilibrium price and increases equilibrium quantity
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| A decrease in supply... | Increases equilibrium price and decreases equilibrium quantity
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| Price Floor | Government-imposed minimum price (including wages)
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| Price Ceiling | Government-imposed maximum legal price
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| 2 important price ceilings | 1) Rent Control and 2) Usury laws-ceiling on interest rates
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| Rationing | A system used to determine how a scarce good or service is distributed.
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