Terms : Hide Images
| 7275770574 | market | A group of buyers and sellers of a particular good or service | 0 | |
| 7275773236 | competitive market | a market in which there are many buyers and sellers of the same good or service | 1 | |
| 7275776760 | quantity demanded | amount of the good that buyers are willing and able to purchase | 2 | |
| 7275780495 | law of demand | consumers buy more of a good when its price decreases and less when its price increases | 3 | |
| 7275789241 | demand curve | A graph of the relationship between the price of a good and the quantity demanded. | 4 | |
| 7275793720 | normal good | a good for which, other things equal, an increase in income leads to an increase in demand | 5 | |
| 7367826972 | inferior good | a good for which, other things equal, an increase in income leads to a decrease in demand | 6 | |
| 7275795762 | substitutes | goods used in place of each other; an increase in the price of one leads to an increase in the demand for the other | 7 | |
| 7275805712 | complements | two goods that are bought and used together; an increase in the price of one leads to a decrease in the demand for the other | 8 | |
| 7275814609 | quantity supplied | the amount of a good that sellers are willing and able to sell | 9 | |
| 7275816253 | law of supply | producers offer more of a good as its price increases and less as its price falls | 10 | |
| 7275820602 | supply curve | a graph of the relationship between the price of a good and the quantity supplied | 11 | |
| 7275822875 | equilibrium | The point at which quantity demanded and quantity supplied are equal | 12 | |
| 7275826243 | surplus | A situation in which quantity supplied is greater than quantity demanded | 13 | |
| 7275830138 | shortage | A situation in which quantity demanded is greater than quantity supplied | 14 | |
| 7275832500 | law of supply and demand | the claim that the price of any good adjusts to bring the quantity supplied and the quantity demanded for that good into balance | 15 |
