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 sellers so that each has a negligible impact on the market pile. |
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Definition
| The relationship between price and quantity demanded. |
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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 falss when the price of a good rises. |
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Definition
| A table that shows the relationship between the price of a good and the quantity demanded. |
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Term
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Definition
1. Income
2. Price of Related Goods(substitutes and compliments)
3. Tastes
4. Future expectations
5. Number of Buyers |
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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 the relationship between the price of a good and the quantity supplied. |
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Term
| Shifts in the Supply Curve |
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Definition
1. Input prices
2. Technology
3. Expectations
4. Number of sellers. |
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Term
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Definition
| a situation in which 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
| when quanitity supplied > quantity demanded |
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Term
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Definition
| when quantity demanded is > 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 demanded for that good into balance |
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