Term
|
Definition
| a group of buyers and sellers of a particular good or service |
|
|
Term
|
Definition
| a market in which there are many buyers and sellers so that each has a negligible impact on the market price |
|
|
Term
|
Definition
| the amount of a good that buyers are willing and able to purchase |
|
|
Term
|
Definition
| the claim that, other things equal, the quantity demanded of a good falls when teh price of the good rises |
|
|
Term
|
Definition
| a table that shows the relationship between the price of a good and the quantity demanded |
|
|
Term
|
Definition
| a graph of the relationshp between the price of a godo and teh quantity demanded |
|
|
Term
| what can cause a shift in the demand curve? |
|
Definition
| income, prices of related goods, tastes, expectations, numbere of buyers. |
|
|
Term
|
Definition
| the amount of a good that sellers are willing and able to sell |
|
|
Term
|
Definition
| the claim that, other things equal, the quantity supplied of a good rises when the price of the good rises |
|
|
Term
|
Definition
| a table that shows the relationship between the price of a good and the quantity supplied |
|
|
Term
| What can cause a shift in the supply curve? |
|
Definition
| input prices, technology, expectations, number of sellers |
|
|
Term
|
Definition
| a situation in which the market price has reached the level at which quantity supplied equals quantity demanded |
|
|
Term
|
Definition
| the price that balances quantity supllied and quantity demanded |
|
|
Term
|
Definition
| the quantity supplied and the quantity demanded at the equilibrium price |
|
|
Term
|
Definition
| a situation in which quantity supplied is greater than quantity demanded |
|
|
Term
|
Definition
| a good for which, other things equal, an increase in income leads to an increase in demand |
|
|
Term
|
Definition
| a food for, which other things equal, an increase in income leads to a decrease in demand. i.e. bus rides vs. buying a car. bus rides is an inferior good |
|
|
Term
|
Definition
| two goods for which an increase in the price of one leads to an incrase in the demand for the other |
|
|
Term
|
Definition
| two goods for which an increase in the price of one leads to a decrease in the demand for the other |
|
|
Term
|
Definition
| a situation in whcih quantity demanded is greater than quantity supplied |
|
|
Term
|
Definition
| the claim that the price of any good adjusts to bring the quantity supplied and the quantity demanded for that good into balance |
|
|
