is the quantity of consumers who are willing and able to buy products at various prices during a given period of time.
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Demand Curve
displays the relationship between prices during a given period of time.
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Demand Schedule
is a table that shows the quantity demanded of a good or service at different price levels.
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Law of demand
as the price of a good rises, the quantity of that good demanded by consumers falls. and vice versa.
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Law of Deminishing Marginal Utility
the marginal utility of a good or service declines as more of it is consumed by an individual.
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Supply
the total amount of a specific good or service that is available to consumers.
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Supply curve
graphic representation of the correlation between the cost of a good or service and the quantity supplied for a given period.
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Supply Schedule
is a table that shows the quantity supplied at each price.
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market supply curve
a graphic representation of the correlation between the cost of a good or service and the quantity supplied for a given period.
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Law of supply
is the microeconomic law that states that, all other factors being equal, as the price of a good or service increases, the quantity of goods or services that suppliers offer will increase, and vice versa.
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Marginal cost
is the change in total production cost that comes from making or producing one additional unit.
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Equilibrium
is a condition or state in which economic forces are balanced.
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Market clearing price
is the equilibrium monetary value of a traded security, asset, or good.
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Surplus
consists of consumer surplus and producer surplus.
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Shortage
is a condition where the quantity demanded is greater than the quantity supplied at the market price.
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