Economics: U3 Supply and Demand
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9 Terms
market demand
total quantity of a specific product or service that consumers are willing and able to purchase at various price levels within a given market and timeframe
Law of Demand
inverse relationship between price and quantity demanded
determinants of demand
tastes and preferences, number of consumers, price of related goods, income, future expectations
market supply
different quantities of a good that sellers are willing and able to sell (produce) at different prices
Law of Supply
direct/positive relationship between price and quantity supplied
determinants of supply
prices/availability of inputs (resources), number of sellers, technology, expectations of future profit, taxes and subsidies
supply
demand
equilibrium price
when supply of goods matches demand
Note 
Flashcards (23)