Term
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Definition
| A market moves toward its equilibrium because any buyers and many sellers, so no single buyer or seller can influence the price. |
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Term
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Definition
price of an object is the number
of dollars that must be given up in exchange for
it. |
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Term
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Definition
The ratio of one
price to another is called a ____________. |
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Term
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Definition
The ______________ of a good or service is
the amount that consumers plan to buy during a given time period at a particular price. |
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Term
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Definition
| Other things remaining the same, the higher the price of a good, the smaller is the quantity demanded; and the lower the price of a good, the greater is the quantity demanded. |
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Term
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Definition
| refers to the entire relationship between the price of a good and the quantity demanded of that good. |
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Term
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Definition
| shows the relationship between the quantity demanded of a good and its price when all other influences on consumers’ planned purchases remain the same. |
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Term
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Definition
| When any factor that influences buying plans changes, other than the price of the good, there is a _____________________. |
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Term
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Definition
| A _____________ is a good that can be used in place of another good. |
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Term
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Definition
A ________________is a good that is used in
conjunction with another good. |
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Term
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Definition
A _______________ is one for which demand
increases as income increases. |
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Term
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Definition
| An ______________is one for which demand decreases as income increases. |
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Term
| change in the quantity demanded |
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Definition
| A point on the demand curve shows the quantity demanded at a given price, so a movement along the demand curve shows a ____________________________. |
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Term
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Definition
| The ________________ of a good or service is the amount that producers plan to sell during a given time period at a particular price. |
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Term
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Definition
| The term ______ refers to the entire relationship between the price of a good and the quantity supplied of it. |
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Term
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Definition
| A ____________ shows the relationship between the quantity supplied of a good and its price when all other influences on producers’ planned sales remain the same. The supply curve is a graph of a supply schedule. |
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Term
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Definition
| Other things remaining the same, the higher the price of a good, the greater is the quantity supplied; and the lower the price of a good, the smaller is the quantity supplied. |
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Term
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Definition
| When any factor that influences selling plans other than the price of the good changes, there is a ________________. |
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Term
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Definition
| A point on the supply curve shows the quantity supplied at a given price. A movement along the supply curve shows a __________________. |
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Term
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Definition
| The _______________ is the price at which the quantity demanded equals the quantity supplied. |
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Term
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Definition
| The __________ is the quantity bought and sold at the equilibrium price. |
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