Microeconomics Terminology

demand

demand

the relationship between possible prices of a good or service and the quantities that individuals are willing and able to buy over a time period, ceteris paribus

law of demand

a law stating that as the price of a good falls, the quantity demanded will increase over a certain period of time, ceteris paribus

market

any arrangement where buyers and sellers interact to carry out an economic transaction

market demand

the sum of the individual demand curves for a product of all consumers in a market