Term
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Definition
| A person who buys things, usually for money. In their role as a consumer everybody is a buyer. |
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Term
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Definition
| A purchaser of goods and services for the personal satisfaction of themselves or other. |
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Term
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Definition
| The ability or willingness of a buyer to buy a product/service depending on his want/need. |
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Term
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Definition
| A person who has a good/service to offer in exchange for cash. |
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Term
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Definition
| A person, company, or country that makes, grows, or supplies goods or services. |
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Term
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Definition
| The total amount of a product (good or service) available for purchase at any specified price. |
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Term
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Definition
A table showing the relationship between the price of a product and the quantity of
the product demanded. |
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Term
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Definition
| A curve that shows the relationship between the price of a product and the quantity of the product demanded. |
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Term
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Definition
| The amount of a good or service that a consumer is willing and able to purchase at a given price. |
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Term
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Definition
| The demand by all the consumers of a given good or service. |
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Term
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Definition
| A table that shows the relationship between the price of a product and the quantity of the product supplied. |
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Term
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Definition
| A curve that shows the relationship between the price of a product and the quantity of the product supplied. |
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Term
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Definition
| The amount of a good or service that a firm is willing and able to supply at a given price. |
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Term
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Definition
| A situation in which quantity demanded equals quantity supplied. (QD = QS) |
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Term
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Definition
| The rule that, holding everything else constant, when the price of a product falls, the quantity demanded of the product will increase, and when the price of a product rises, the quantity demanded of the product will decrease. |
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Term
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Definition
| The rule that, holding everything else constant, increases in price cause increases in the quantity supplied, and decreases in price cause decreases in the quantity supplied. |
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Term
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Definition
A situation in which the quantity
supplied is greater than the quantity
demanded. (QS > QD) |
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Term
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Definition
A situation in which the quantity demanded is greater than the quantity supplied.
(QD > QS) |
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