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Definition
| A group of buyers and sellers of a particular good or service. |
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Definition
| The quantity of a good or service that buyers are willing and able to buy at all possible prices during a certain time period |
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| The amount of a good that buyers are willing and able to purchase. |
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| Other things equal, the quantity demanded of a good falls when the price of the good rises. |
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| A table that shows the relationship between the price of the good and the quantity demanded. |
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| A graph of the relationship between the price of a good and the quantity demanded (always has a negative slope). |
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Definition
- Consumer income
- Prices of related goods
- Tastes/preferences
- Expectations
- Number of buyers |
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Definition
| Another good that is basically the same as the competition. |
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| A good that can be bought with the original good and can increase sales. |
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| Anything people use in their daily lives, cars, food, brands, ect. |
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| The worse version of a good, a cheaper brand of car, dirtier clothes, less expensive meal, ect. |
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Definition
| The change in demand when there is a change in another economic factor, such as price or income. |
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Definition
| Quantity demanded changes when prices change. |
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Definition
| Quantity demanded does not change/changes very little when prices change. |
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Definition
| The total amount of a specific good or service that is available to consumers. |
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Definition
| The amount of a good that sellers are willing and able to sell. |
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Definition
| 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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Definition
| It always goes up and to the right, or the opposite of a demand curve. |
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Definition
- Costs of inputs
- Productivity
- Technological advances
- Gov policy
- Expectations
- Number of suppliers |
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Definition
| A measure of how sensitive the quantity supplied of a good is to changes in price |
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Definition
| If the market price changes a little, the quantity supplied changes a lot. |
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Definition
| If a market price changes a lot, the quantity supplied does not change a lot. |
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Definition
| A situation in which the price has reached the level where quantity supplied equals quantity demanded. |
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Definition
| When the actual price is greater than the equilibrium price; quantity supplied is greater than quantity demanded. |
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Definition
| When the actual price is less than the equilibrium price; quantity demanded is greater than quantity supplied. |
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Definition
| The price of any good adjusts to bring the quantity supplied and the quantity demanded for that good into balance (equilibrium). |
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Definition
| Sometimes the government will set a price limit on a certain good, usually utilities. |
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| Sometimes companies work together to set a low price for goods and services. |
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Definition
| Government programs that kick in when your economic status hits a certain level (food stamps). |
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