Term
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Definition
| The amount of any good service, or resource that people are willing and able to buy during a specified period at a specified price. |
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Term
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Definition
| The relationship between the quantity demanded and the price of a good when all other influences on buying plans remain the same. |
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Definition
| A list of the quantities demanded at each different price when all the other influences on buying plans remain the same. |
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Definition
| A graph of the relationship between the quantity demanded of a good and its price when all the other influences on buying plans remain the same. |
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Definition
| The sum of the demands of all the buyers in the market |
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Term
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Definition
| A change in the quantity that people plan to buy when any influence on buying plans other than the price of the good changes. |
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Term
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Definition
| A good that can be consumed in place of another good |
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Term
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Definition
| A good that is consumed with another good |
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Term
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Definition
| A good for which demand increases when income increases and demand decreases when income decreases |
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Term
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Definition
| A good for which demand decreases when income increases and demand increases when income decreases |
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Term
| Change in the quantity demanded |
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Definition
| A change in the quantity of a good that people plan to buy that results from a change in the price of the good with all other influences on buying plans remaining the same |
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Term
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Definition
| The amount of any good, service, or resource that people are willing and able to sell during a specified period at a specified price |
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Term
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Definition
| The relationship between the quantity supplied and the price of a good when all other influences on selling plans remain the same |
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Term
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Definition
| A list of the quantities supplied at each different price when all the other influences on selling plans remain the same |
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Term
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Definition
| A graph of the relationship between the quantity supplied of a good and its price when all the other influences on selling plans remain the same |
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Term
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Definition
| the sum of the supplies of all the sellers in the market |
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Term
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Definition
| a change in the quantity that suppliers plan to sell when any influence on selling plans other than the price of the good changes |
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Term
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Definition
| A good that can be produced in place of another good |
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Term
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Definition
| A good that is produced along with another good |
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Term
| Change in the quantity supplied |
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Definition
| A change in the quantity of a good that suppliers plan to sell that results from a change in the price of the good |
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Term
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Definition
| When the quantity demanded equals the quantity supplied- buyers’ and sellers’ plans are in balance |
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Term
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Definition
| The price at which the quantity demanded equals the quantity supplied |
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Term
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Definition
| The quantity bought and sold at the equilibrium price. |
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Term
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Definition
| A situation in which the quantity supplied exceeds the quantity demanded |
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Term
| Shortage or excess demand |
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Definition
| A situation in which the quantity demanded exceeds the quantity supplied. |
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Term
| Price elasticity of demand |
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Definition
| A measure of the responsiveness of the quantity demanded of a good to a change in its price when all other influences on buyers’ plans remain the same |
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Term
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Definition
| When the percentage change in the quantity demanded exceeds the percentage change in price |
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Term
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Definition
| When the percentage change in the quantity demanded equals the percentage change in price |
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Term
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Definition
| When the percentage change in the quantity demanded is less than the percentage change in price |
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Term
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Definition
| When the quantity demanded changes by a very large percentage in response to an almost zero percentage change in price |
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Term
| Perfectly inelastic demand |
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Definition
| When the percentage change in the quantity demanded is zero for any percentage change in the price |
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Term
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Definition
| The amount spent on a good and received by its seller and equals the price of the good multiplied by the quantity sold |
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Term
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Definition
| A method of estimating the price elasticity of demand by observing the change in total revenue that results from a price change (with all other influences on the quantity sold remaining unchanged). |
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Term
| Price elasticity of supply |
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Definition
| A measure of the responsiveness of the quantity supplied of a good to a change in its price when all other influences on sellers’ plans remain the same |
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Term
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Definition
| When the quantity supplied changes by a very large percentage in response to an almost zero percentage change in price |
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Term
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Definition
| When the percentage change in the quantity supplied exceeds the percentage change in price |
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Term
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Definition
| When the percentage change in the quantity supplied equals the percentage change in price |
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Term
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Definition
| When the percentage change in the quantity supplied is less than the percentage change in price |
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Term
| Perfectly inelastic supply |
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Definition
| When the percentage change in the quantity supplied is zero for any percentage change in the price |
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Term
| Cross elasticity of demand |
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Definition
| A measure of the responsiveness of the demand for a good to a change in the price of a substitute or complement when other things remain the same |
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Term
| Income elasticity of demand |
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Definition
| A measure of the responsiveness of the demand for a good to a change in income when other things remain the same |
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