The Market Forces of Supply and Demand
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| Market | A group of buyers and sellers of a particular good or service.
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| Competitive Market | A market in which there are many buyers and many sellers so that each has a negligible impact on the marker price.
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| Perfectly Competitive | (1)the goods being offered for sale all the same, and (2)the buyers and sellers are so numerous that no single buyer or seller can influence the market price.
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| Monopoly | Markets with only one sellers who sets prices.
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| Oligopoly | A market with few sellers that do not always compete. For example, airline routes; if the route between two cities is only received by one or two carriers, they don't compete to keep prices high.
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| Monopolistically Competitive | Many sellers, each offering slightly different products. B/c products are not the same, each seller may set their own prices.
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| Quantity Demand | The amount of a good that buyers are willing and able to purchase.
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| Law of Demand | The claim that, other things equal, the quantity demanded of a good falls when the price of a the good rises.
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| Normal Good | A good for which, other things equal, an increase in income leads to an increase in demand.
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| Inferior Good | A good for which, other things equal, an increase in income leads to a decrease in demand.
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| Substitutes | Two goods for which an increase in the price of one leads to an increase in the demand for the other.
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| Compliments | Two goods for which an increase in the price of one leads to a decrease in the demand for the other.
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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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| Demand Curve | A graph of the relationship between the price of a good and the quantity demanded.
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| Ceteris Paribus | Assume that all other variables are constant, other than the ones being studied.
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| Market Demand | The sum of all the individual demand for a particular good or service.
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| Quantity Supplied | The amount of a good that sellers are wiling and able to sell.
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| Law of Supply | The claim that, other things equal, the quantity supplied of a good rises when the price of the good rises.
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| Supply Schedule | A table that shows the relationship between the prices of a good and the quantity supplied.
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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 supply and demand have been brought into balance.
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| Equilibrium Price | The price that balances supply and demand.
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| Equilibrium Quantity | The quantity supplied and the quantity demanded when the price has adjusted to the balance supply and demand.
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| Surplus | When quantity supplied is greater than quantity demanded.
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| Shortage | When quantity demanded is greater than quantity supplied.
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| Law of Supply and Demand | The claim that the price of any good adjusts to bring the supply and demand of a good into balance.
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