Term
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Definition
| a relation between the price of a good and the quantity that consumers are willing and able to buy per peroid, other things constant |
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Definition
| the quantity of a good that consumers are willing and able to buy per period relates inversely, or negatively, to the price, other things constant |
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substitution effect of a price change |
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Definition
| when the price of a good falls that good becomes cheaper compared to oter goods so consumers tend to substitute that good for other goods |
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Term
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Definition
| the number of dollars a person recieves per period, such as $400 per week |
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Definition
| income measured in terms of the gods and services it can buy |
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Term
| income effect of a price change |
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Definition
| a fall in the price of a good increases consumers more able to purchase goods |
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Term
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Definition
| a curve showing the relation between the price of a good and the quantity consumers are willing and able to by per period, other things constant |
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Term
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Definition
| the amount of a good consumers are willing and able to buy per period a a partivular price, as refleced by a point on a demand curve |
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Definition
| a relation between the price of a good and the quantity purchased by an individual consumer per period, other things constant |
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Term
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Definition
| the relation between the price of a good ad the quantity purchased by all consumers in the market during a given period, other things constant |
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Term
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Definition
| a good, such as new clothes for which demand increases, or shifts rightward, as consumer incomes rises |
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Term
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Definition
| a good, such as used clothes, for which demand decreases, or shifts leftward, as consumer income rises |
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Term
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Definition
good, such as coke and pepsi, that relate in such way that an increase in the price of one shifts demand for the other rightward |
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Term
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Definition
| goods, such as milk and cookies, that relate in such a way that an increase in the price of one shifts the demand for the other leftward |
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Term
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Definition
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Term
| movement along a demand curve |
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Definition
| change in quantity demanded resulting form a change in the price of the good, other things constant |
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Term
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Definition
| movement of a demand curve right or left resulting from a change in one of the determinants of demand oter than the price of the good |
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Term
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Definition
| a relation between the price of a god and the quantity that producers are willing and able to sell per period, other things constant |
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Term
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Definition
| the amount of a good that producers are willing and able to sell per period is usually directly related to its price, other things constant |
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Term
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Definition
| a curve showing the relation between price of a good and the quantity producers are willing and able to sell per period other things constant |
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Term
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Definition
| the amount offered for sale per period at a particular price, as relfected by a point on a given supply curve |
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Term
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Definition
| the relation between the price of a good and the quantity an individual producer is willing and able to sell per period, other things constant |
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Term
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Definition
| the relation between the price of a good and the quantity all producers are willing and able to sell per period, other things constant |
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Term
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Definition
| resources used to produce the good in question |
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Term
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Definition
| other goods that use some or all of the same resources as the good in question |
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Term
| movement along a supply curve |
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Definition
| change in quantity supplied resulting from a change in the price of the good, other things constant |
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Term
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Definition
| movement of a supply curve left or right resulting from a change in oe of the determinants of supply other than the price of the good |
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Term
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Definition
| the cost of time and information required to carry out market exchange |
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Definition
| at a given, the amount by which quantity suplied exeeds quantity demanded. |
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Term
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Definition
| at a given price, the amount by which quantity demanded exceeds quantity supplied |
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Term
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Definition
| the condition that exists in a market when the plans of buyers match those of sellers, so quantity demanded equals quals quantity supplied and the market clears |
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Definition
| the condition that exists in a market when the plans of buyers do not match those of sellers |
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Term
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Definition
1.consumer income 2.price of other goods 3.consumer expectations 4.number of consumers 5. consumer tastes |
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Term
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Definition
1.technology 2.relevant resources 3.alternative goods 4.producer expectations 5.number of producers |
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