module 3 - demand, supply, and equilibrium

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13 Terms

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equilibrium

the situation where quantity demanded is equal to the quantity supplied; the combination of price and quantity where there is no economic pressure from surpluses or shortages that would cause price or quantity to change

<p>the situation where quantity demanded is equal to the quantity supplied; the combination of price and quantity where there is no economic pressure from surpluses or shortages that would cause price or quantity to change</p>
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equilibrium price

the price where quantity demanded is equal to quantity supplied equilibrium quantity, the quantity at which quantity demanded, and quantity supplied are equal for a certain price level

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excess demand

at the existing price, quantity demanded exceeds the quantity supplied (shortage)

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excess supply

at he existing price, quantity supplied exceeds the quantity demanded (surplus)

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quantity demanded

the total number of unit of a good or service consumers who are willing to purchase at a given price

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quantity supplied

the total number of units of a good or service producers are willing to sell at a given price

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shift in demand

when i a change in some economic factor (other than price) causes a different quantity to be demanded at every price

<p>when i a change in some economic factor (other than price) causes a different quantity to be demanded at every price</p>
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shift in supply

when a change in some economic factor (other than price) causes a different quantity to be supplied at every price

<p>when a change in some economic factor (other than price) causes a different quantity to be supplied at every price</p>
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shortage

at the existing price, the quantity demanded exceeds the quantity supplied (excess demand)

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substitute good

can replace another to some extent, so that greater consumption of one good can mean less of another

<p>can replace another to some extent, so that greater consumption of one good can mean less of another</p>
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supply

the relationship between price and the quantity supplied of a certain good or service

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supply curve

a line that shows the relationship between price and quantity supplied on a graph, with quantity supplied on the horizontal axis and price on the vertical axis

<p>a line that shows the relationship between price and quantity supplied on a graph, with quantity supplied on the horizontal axis and price on the vertical axis</p>
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demand curve

a line that shows the relationship between price and quantity demanded, with quantity demanded on the horizontal axis and price on the vertical axis

<p>a line that shows the relationship between price and quantity demanded, with quantity demanded on the horizontal axis and price on the vertical axis</p>