The amount of a good or service that a consumer is willing and able to purchase at a given price.

A table showing the relationship between the price of a product and the quantity of the product demanded.

A curve that shows the relationship between the price of a product and the quantity of the product demanded.

The demand by all the consumers of a given good or service.

Holding everythig else constant, when the price of a product falls, the quantity demanded of the product will increase, and when the price of a product rises, the quantity demanded of the product will decrease.

The change in the quantity demanded of a good that results from a change in price making the good more or less expensive relative to other goods that are substitutes.

The change in the quantity demanded of a good that results from the effect of a change in the good's price on consumer purchasing power.

Ceteris paribus ("all else equal")

The requirement that when analyzing the relationship between two variables - such as price and quantity demanded - other variables must be held constant.

Goods and services that can be used for the same purpose.

Goods that are used together.

A good for which the demand increases as income rises and decreases as income falls.

A good for which the demand increases as income falls, and decreases as income rises.

The characteristics of a population with respect to age, race, and gender.

The amount of a good or service that a firm is willing and able to supply at a given price.

A table that shows the relationship between the price of a product and the quantity of the product supplied.

A curve that shows the relationship between the price of a product and the quantity of the product supplied.

Holding everything eelse constant, increases in price cause increases in the quantity supplied, and decreases in price case decreases in the quantity supplied.

Technological change

A positive or negative change in the ability of a firm to produce a given level of output with a given amount of inputs.

A situation in which quantity demanded equals quantity supplied.

Competitive market equilibrium

A market equilibrium with many buyers and many sellers.

A situation in which the quantity supplied is greater than the quantity demanded.

A situation in which the quantity demanded is greater than the quantity supplied.

Topic	Untitled #1
Quantity demanded	The amount of a good or service that a consumer is willing and able to purchase at a given price.
Demand schedule	A table showing the relationship between the price of a product and the quantity of the product demanded.
Demand curve	A curve that shows the relationship between the price of a product and the quantity of the product demanded.
Market demand	The demand by all the consumers of a given good or service.
Law of demand	Holding everythig else constant, when the price of a product falls, the quantity demanded of the product will increase, and when the price of a product rises, the quantity demanded of the product will decrease.
Substitution effect	The change in the quantity demanded of a good that results from a change in price making the good more or less expensive relative to other goods that are substitutes.
Income effect	The change in the quantity demanded of a good that results from the effect of a change in the good's price on consumer purchasing power.
Ceteris paribus ("all else equal")	The requirement that when analyzing the relationship between two variables - such as price and quantity demanded - other variables must be held constant.
Substitutes	Goods and services that can be used for the same purpose.
Complements	Goods that are used together.
Normal good	A good for which the demand increases as income rises and decreases as income falls.
Inferior good	A good for which the demand increases as income falls, and decreases as income rises.
Demographics	The characteristics of a population with respect to age, race, and gender.
Quantity supplied	The amount of a good or service that a firm is willing and able to supply at a given price.
Supply schedule	A table that shows the relationship between the price of a product and the quantity of the product supplied.
Supply curve	A curve that shows the relationship between the price of a product and the quantity of the product supplied.
Law of supply	Holding everything eelse constant, increases in price cause increases in the quantity supplied, and decreases in price case decreases in the quantity supplied.
Technological change	A positive or negative change in the ability of a firm to produce a given level of output with a given amount of inputs.
Market equilibrium	A situation in which quantity demanded equals quantity supplied.
Competitive market equilibrium	A market equilibrium with many buyers and many sellers.
Surplus	A situation in which the quantity supplied is greater than the quantity demanded.
Shortage	A situation in which the quantity demanded is greater than the quantity supplied.