Term
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Definition
| A group of buyers and sellers of a particular good or service |
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Term
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Definition
| A market in which there are many buyers and sellers so that each has a negligible impact on the market price. |
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Term
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Definition
| The amount of a good that buyers are willing and able to purchase |
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Term
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Definition
| The claim that, other things equal, the quantity demanded of a good falls when the price of the good rises |
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Term
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Definition
| A table that show the relationship between the price of a good and the quantity demanded. |
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Term
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Definition
| A graph of the relationship between the price of a good and the quantity demanded |
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Term
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Definition
| A good for which, other things equal, an increase in income leads to increase in demand |
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Term
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Definition
| A good for which, other things equal, an increase in income leads to a decrease in demand |
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Term
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Definition
| Two goods for which an increase in the price of one leads to an increase in demand for the other |
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Term
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Definition
| The amount of a good that sellers are willing and able to sell |
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Term
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Definition
| The claim that, other things equal, the quantity supplied of a good rises when the price of a good rises |
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Term
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Definition
| A table that shows the relationship between the price of a good and the quantity supplied |
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Term
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Definition
| A graph of a relationship between the price of a good and the quantity supplied |
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Term
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Definition
| A situation in which the market price has reached the level at which quantity supplied equals quantity demanded |
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Term
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Definition
| The price that balances quantity supplied and quantity demanded |
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Term
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Definition
| The quantity supplied and the quantity demanded at the equlibrium price |
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Term
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Definition
| A situation in which quantity supplied is greater than the quantity demanded |
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Term
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Definition
A situation in which quantity demand
is greater than quantity supplied |
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Term
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Definition
The claim that the price of any good adjusts to bring
the quantity supplied and the quantity demanded
for that good into balance. |
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Term
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Definition
| 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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