Economics 3 - Supply and Demand

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Last updated 8:36 PM on 9/21/26
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13 Terms

1
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Demand

The desire to own something and the ability to pay for it

<p>The desire to own something and the ability to pay for it</p>
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Law of Demand

When price is lower, consumers will buy more

<p>When price is lower, consumers will buy more</p>
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Substitutes

two goods for which an increase in the price of one leads to an increase in the demand for the other

<p>two goods for which an increase in the price of one leads to an increase in the demand for the other</p>
4
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Demand curve

A graph that shows demand based on price

<p>A graph that shows demand based on price</p>
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4 Factors leading to a change of demand

Income

Consumer Expectations

Population

Advertising

<p>Income</p><p>Consumer Expectations</p><p>Population</p><p>Advertising</p>
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Supply

The amount of goods available

<p>The amount of goods available</p>
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Law of Supply

The higher the price, the more that is produced

<p>The higher the price, the more that is produced</p>
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Supply curve

A graph that shows supply based on price

<p>A graph that shows supply based on price</p>
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Equilibrium

When quantity demanded and quantity supplied are equal

<p>When quantity demanded and quantity supplied are equal</p>
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Surplus

quantity supplied is greater than quantity demanded

<p>quantity supplied is greater than quantity demanded</p>
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Shortage

Quantity demanded is more than quantity supplied

<p>Quantity demanded is more than quantity supplied</p>
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complements

two goods for which an increase in the price of one leads to a decrease in the demand for the other

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demand schedule

a table that shows the relationship between the price of a good and the quantity demanded