Term
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Definition
| The institutions that bring together buyers and sellers. |
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Term
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Definition
| The quantity buyers are willing and able to buy at a particular price during a particular period, all other things unchanged. |
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Definition
| A table that shows the quantities of a good or service demanded at different prices during a particular period, all other things unchanged. |
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Definition
| A graphical representation of a demand schedule. |
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Term
| Change in Quantity Demanded |
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Definition
| A movement along a demand curve that results from a change in price. |
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Term
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Definition
| For virtually all goods and services, a higher price leads to a reduction in quantity demanded and a lower price leads to an increase in quantity demanded. |
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Definition
| A shift in a demand curve. |
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Term
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Definition
| A variable that can change the quantity of a good or service demanded at each price. |
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Term
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Definition
| Two goods for which an increase in price of one reduces demand for another. |
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Term
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Definition
| Two goods for which an increase in price of one increases demand for another. |
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Definition
| A good for which demand increases when income increases. |
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Term
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Definition
| A good for which demand decreases when income increases. |
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Term
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Definition
| The quantity sellers are willing to sell at a particular price during a particular period, all other things unchanged. |
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Term
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Definition
| A table that shows quantities supplied at different prices during a particular period, all other things unchanged. |
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Term
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Definition
| A graphical representation of a supply schedule. |
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Term
| Change in Quantity Supplied |
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Definition
| Movement along the supply curve caused by a change in price. |
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Term
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Definition
| A shift in the supply curve. |
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Term
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Definition
| A variable that can change the quantity of a good or service supplied at each price. |
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Term
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Definition
| Model that uses demand and supply curves to explain the determination of price and quantity in a market. |
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Term
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Definition
| The price at which quantity demanded equals quantity supplied. |
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Term
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Definition
| the quantity demanded and supplied at the equilibrium price. |
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Term
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Definition
| The amount by which the quantity supplied exceeds the quantity demanded at the current price. |
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Term
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Definition
| The amount by which the quantity demanded exceeds the quantity supplied at the current price. |
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Term
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Definition
| Model that provides a look at how markets work and how they are related to each other. |
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Term
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Definition
| Markets in which firms supply goods & services demanded by households. |
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Term
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Definition
| Markets in which households supply factors of production—labor, capital, and natural resources—demanded by firms. |
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