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1.2
market equilibrium
when market supply equals market demand
Ceiling
sets the maximum amount a seller can charge for a good or service
Floor
sets the minimum amount a seller can charge for a good or service
determinant
factors that influence or determine economic growth, development, or demand
Substitutes
products or services that can be used as alternatives to each other to satisfy a need or want
compliment
a good whose appeal increases with the popularity of its complement
Determinants
popularity w/in sellers
labor/employment
change w/in the factors of production / resources
natural disasters
techonology
government regulations
expectations on supply
demand determinants
income, price, tastes and preferences, prices of related goods and services, and expectations
supply determinants
prices of inputs, technology, taxes and subsidies, price forecasts, and the quantity of sellers on the market
Note 
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