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