Term
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Definition
| the amount of a good or service that consumers would purchase at a particular price |
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Term
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Definition
| the quantity demanded of a good or service varies inversely with its price; the lower the price the larger the quantity demanded, and the higher the prices the smaller the quantity demanded |
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Term
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Definition
| the effect of a change in the price of a god or service on the amount purchased that results from the consumer substituting a relatively less expensive alternative |
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Term
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Definition
| the effect of a change in the price of a good or service on the amount purchased that results from a change in purchasing power of the consumer's income due to the price change |
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Term
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Definition
| the relationship between the quanitities of a good or service that consumers desire to purchase at any particular time and the various prices that can exist for the good or service |
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Term
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Definition
| a table recording the number of units of a good or service demanded at various possible prices |
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Term
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Definition
| a graphic representation of the relationship between price and quantity demanded |
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Term
| community demand schedule |
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Definition
| the sum of all the individual demand schedules in a particular market showing the total quantities demanded by the buyers in the market at each of the various possible prices |
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Term
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Definition
| the relationship between the quantities of a good or service that sellers wish to market at any particular time and the various prices that can exist for the good or service |
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Term
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Definition
| a table recording the number of units of a good or service supplied at various possible prices |
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Term
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Definition
| a graphic representation of the relationship between price and quantity supplied |
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Term
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Definition
| the quantity supplied of a good or service varies directly with its price; the lower the price the smaller the the quantity supplied, and the higher the price the larger the quantity supplied |
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Term
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Definition
| the price at which the quantity of a good or service offered by suppliers is exactly equal to the quantity that is demanded by purchasers in a particular period of time |
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Term
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Definition
| an excess of quantity demanded over quantity supplied that occurs when a price is below the equillibrium price. Shortages cause prices to increase |
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Term
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Definition
| an excess of quantity supplied over a quantity demanded that occurs when a price is above the equilibrium price. Surpluses cause prices to decrease |
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Term
| consumer tastes and preferences |
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Definition
| individual liking or partiality for specific goods or services |
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Term
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Definition
| a product that is interchangeable in use with another product |
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Term
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Definition
| a product that is employed jointly in conjunction with another product |
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Term
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Definition
| a period of time so short that the amount of some factor inputs cannot be varied |
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Term
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Definition
| a period of time sufficiently long that the amount of all factor inputs can be varied |
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Term
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Definition
| a change in the quantity of a good or service that would be purchased at each possible price |
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Term
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Definition
| a change in the quantity of a good or service that would be offered for sale at each possible price |
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