Chapter 3 - Economics

Chapter 3 - Economics - Term Definition Market context in...

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Term: Market Definition: context in which potential buyers and sellers of a good or service can negotiate exchanges Term: Supply curve Definition: curve or schedule showing the total quantity of a good of uniform quality that sellers what to sell at each price during a particular period of time provided that all other things are held constant Term: Quantity supplied Definition: total amount of a good of uniform quality that all sellers are willing produce and sell at a single, specific price during a particular period of time Term: Demand curve Definition: curve or schedule showing the total quantity of a good of uniform quality that buyers want to buy at each price during a particular period of time provided that all other things are held constant
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Term: Quantity demanded Definition: total amount of a food of uniform quality purchased at a single, specific price by all buyers during a particular period of time Term: Equilibrium Definition: state that occurs when all of the forces that act on all the variables in a
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