Supply and Demand

all other things held equal; all other factors or variables held constant

a good that is used together with another good to satisfy a final demand

a line on a graph showing the relationship between two variables

the desire and ability of consumers for a good at a range of prices

a graph that shows the relationship between the quantity of a good or service and prices that consumers are willing and able to buy.

a table that shows the quantity demanded of a good at different prices which can also be used to show the maximum price that a consumer would be willing to pay

when supply and demand do not meet at the same point and are off-balance

the price at which quantity demanded equals quantity supplied

good that consumers purchase less of when income rises

an economic law that states that as the price of a good decreases the quantity demanded by consumers will increase, all other things being equal

the observation that as the price of a good or service increases the quantity supplied will increase, all other things being equal

a group of buyers and sellers of a particular good or service.

the point at which the quantity of a good consumers are willing to buy (demand) equals the quantity of that good that producers are willing to offer for sale (supply)

a good that consumers will buy more of when they have an increase in income

the amount of a good that buyers are willing and able to purchase

the quantity of a good or service that producers offer for sale at a specific price

the amount by which the quantity demanded of a good by consumers is greater than the quantity supplied by producers at a given price

a good which performs a similar function as another good

the total amount of a specific good or service that is available to consumers

a graphical representation that shows the quantity supplied at different prices, which can also be used to show the maximum amount of a good or service that an individual producer (or the supply side of the market) would be willing to produce

a table that shows the relationship between the price of a good and the quantity supplied

the amount by which the quantity of a good offered for sale by producers in a market exceeds the quantity demanded by consumers