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Definition
| A group of buyers or 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 negotiable 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 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 the price of a good and the quantity demanded |
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Definition
| A graph of relationship between the price of a good and the quantity demanded |
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Definition
| A good for which an increase to income leads to a Increase in demand |
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Definition
| A good in which decrease in demand happens when income increases |
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Term
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Definition
| Two goods in for which the increase in the price of one leads to a increase in the demand for another |
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Term
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Definition
| Two goods for which the increase in the price of one leads to a decrease in a demand for the other |
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Definition
| The amount of a good in which buyers are willing and able to sell |
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Term
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Definition
| The claim that 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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Definition
| A situation in which the market price has reached a level at which quantity supplied equals quantity demanded |
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Definition
| the price the balances quantity supplied and quantity demanded |
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Term
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Definition
| The Q supplied and the Q demanded at the equilibrium price |
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Definition
| situation in which Q supplied is greater than Quantity demanded |
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Term
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Definition
| situation in which Q supplied is smaller than Q demanded |
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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 balence |
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Term
| Perfect competition must have two things: |
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Definition
1)Goods offered are exactly the same
2)Buyers and sellers so numerous, that no single one has power over market |
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Term
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Definition
| When buyers and sellers must accept the price the market determines |
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Term
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Definition
| When a market has one main seller who sets the price |
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