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| 470987344 | market | an institution or mechanism that brings together buyers (demanders) and sellers (suppliers) of particular goods . all situations that link potential buys with potential sellers are this. | |
| 470987345 | demand | schedule or a curve that shows the various amounts of a product that consumers are willing and able to purchase at each of a series of possible prices during a specified period of time | |
| 470987346 | law of demand | all else equal, as price falls, the quantity demanded rises, and as price rises, the quantity demanded falls | |
| 470987347 | diminishing marginal utility | in any specific time period, each buyer of a product will derive less satisfaction from each successive unit of the product consumed. | |
| 470987348 | income effect | a lower price increases the purchasing power of a buyer's income, enabling the buyer to purchase more of the product that he or he could by before. | |
| 470987349 | substitution effect | at a lower price, buyers have the incentive to substitute what is now a less expensive product for similar products that are now relatively more expensive. | |
| 470987350 | determinants of demand | consumers' tastes, the number of consumers in the market, consumers' incomes, the prices of related goods, and consumer expectations about future prices and incomes | |
| 470987351 | normal goods | products whose demand varies directly with money income; superior goods | |
| 470987352 | inferior goods | goods whose demand varies inversely with money income | |
| 470987353 | substitute goods | one that can be used in place of another good; the price of one and the demand for the other move in the same direction | |
| 470987354 | complementary goods | one that is used together with another good. ie: peanut butter and jelly; when two products are complements; the price of one good and the demand for the good movie in opposite directions | |
| 470987355 | change in demand | a shift of the demand curve to the right or to the left | |
| 470987356 | change in quantity demanded | movement from one point to another- from one price-quantity combination to another-on a fixed demand schedule or demand curve | |
| 470987357 | supply | schedule or curve showing the amounts of a product that producers are willing and able to make available for sale at each of a series of possible prices during a specific period | |
| 470987358 | law of supply | as price rises, the quantity supplied rises; as price falls, the quantity supplied falls | |
| 470987359 | determinants of supply | resource prices, technology, taxes and subsidies, prices of other goods, price expectations, the number of sellers in the market | |
| 470987360 | change in supply | an increase in supply shifts the curve to the right; a decrease in supply shifts it to the left. the cause of a change in supply is a change in one more of the determinants of supply | |
| 470987361 | change in quantity supplied | movement from one point to another on a fixed supply curve | |
| 470987362 | surplus | excess supply | |
| 470987363 | shortage | excess demand | |
| 470987364 | equilibrium price | market-clearing; no shortage or surplus | |
| 470987365 | rationing function of prices | the ability of the competitive forces of supply and demand to establish a price at which selling and buying decisions | |
| 470987366 | demand | a schedule that shows the various amounts of a product consumers are willing and able to purchase at each price in a series of possible prices during a specified period of time | |
| 470987367 | diminishing marginal utility | the reason for the law of demand can best be explained in terms of.. | |
| 470987368 | a decrease in the number of buyers | which change will decrease the demand for a product? | |
| 470987369 | increase the demand for the other | if two goods are substitutes for each other, an increase in the price of one will necessarily | |
| 470987370 | quantity supplied increases | the law of supply states that, other things being constant, as price increases... |
