Supply and Demand
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| Law of Demand | the claim that, other things being equal, the quantity demanded of a good falls when the price of the good rises
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| Law of Supply | the claim that, other things being equal, the quantity supplied of a good rises when the price of the good rises
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| Quantity Demanded | the amount of a good that buyers are willing and able to purchase
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| Quantity Supplied | the amount of a good that sellers are willing and able to sell
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| Demand Schedule | a table that shows the relationship between the price of a good and the quantity demanded
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| Supply Schedule | a table that shows the relationship between the price of a good and the quantity supplied
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| Demand Curve | a graph of the relationship between the price of a good and the quantity demanded
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| Supply Curve | a graph of the relationship between the price of a good and the quantity supplied
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| Equilibrium | a situation in which the market price has reached the level at which quantity supplied equals quantity demanded
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| Shortage | a situation in which quantity demanded is greater than quantity supplied
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| Surplus | a situation in which quantity supplied is greater than quantity demanded
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Created by:
dillon.nerud
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