Term
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Definition
| a group of buyers and sellers of a particular good or service |
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Definition
| a market in which there are many buyers and many sellers so that each has a negligible impact on the market price |
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Definition
| the amount of a good that buyers are willing and able to purchase |
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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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Definition
| a table that shows the relationship between he price of a good and the quantity demanded |
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Definition
| a graph of the relationship between the price of a good and the quantity demanded |
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Definition
| a good for which, other things equal, an increase in income leads to an increase in demand |
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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 the demand for the other |
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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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Definition
| the amount of a good that sellers are willing and able to sell |
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Definition
| the claim that, other things equal, the quantity supplied of a good rises when the price of the 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 the 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 equilibrium price |
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Term
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Definition
| a situation in which quantity supplied is greater than quantity demanded |
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Term
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Definition
| a situation in which quantity demanded 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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