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| 5868057885 | competitive market | a market in which there are many buyers and sellers of the same good or service, none of whom can influence the price at which the good or service is sold | 0 | |
| 5868057886 | supply and demand model | A model of how a competitive market works | 1 | |
| 5868057887 | demand schedule | Data that shows how much of a good or service consumers will be willing and able to buy at different prices | 2 | |
| 5868057888 | quantity demanded | The actual amount of a good or service consumers are willing and able to buy at some specific price | 3 | |
| 5868057889 | demand curve | A graphical representation of the demand schedule. it shows the relationship between quantity demanded and price | 4 | |
| 5868057890 | law of demand | A higher price for a good or service, all other things being equal, leads people to demand a smaller quantity of that good or service | 5 | |
| 5868057891 | change in demand | A shift of the demand curve, which changes the quantity demanded at any given price | 6 | |
| 5868057892 | movement along the demand curve | A change in the quantity demanded of a good that is the result of a change in that good's price | 7 | |
| 5868057893 | substitutes | Two goods that could be used for the same purpose (example: Chicken and Prok).Iif the price of one good rises and leads to an increase in demand for the other good | 8 | |
| 5868057894 | complements | Two goods that are normally used together (example: Bread and Sandwich Meat). If the price of one good rises and leads to a decrease in the demand for the other good | 9 | |
| 5868057895 | normal good | A good that consumers what more of when thier income rises (example: T-Bone Steaks). Thus when income increases the demand for a good also increases | 10 | |
| 5868057896 | inferior good | A good that consumers what less of when their income rise. Then when a drop in income occurs this good experiences a increase in demand (example: Rusty Old Cars). | 11 | |
| 5868057897 | individual demand curve | illustrates the relationship between quantity demanded and price for an individual consumer | 12 |
