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EC121 Terms - Unit 2

TermDefinition
supply the relationship between price and the quantity supplied of a certain good or service
demand the relationship between price and the quantity demanded of a certain good or service
Ceteris Paribus other things being equal
complements goods that are often used together so that consumption of one good tends to enhance consumption of the other
substitutes a good that can replace another to some extent, so that greater consumption of one good can mean less of the other
price floor a legal minimum price
price ceiling a legal maximum price
surplus at the existing price, quantity supplied exceeds the quantity demanded; also called excess supply
shortage at the existing price, the quantity demanded exceeds the quantity supplied; also called excess demand
equilibrium the situation where quantity demanded is equal to the quantity supplied; the combination of price and quantity where there is no economic pressure from surpluses or shortages that would cause price or quantity to change
deadweight loss the loss in social surplus that occurs when a market produces an inefficient quantity
Created by: JNHerzing
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