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VOCAB Chapter 4

The Market Forces of Supply and Demand

TermDefinition
Market A group of buyers and sellers of a particular good or service.
Competitive market A market in which there are many buyers and sellers so that each has a negligible impact on the market price.
Monopoly Market with only one seller.
Quantity demanded The amount of a good that buyers are willing and able to purchase.
Law of demand The claim that, other things equal, the quantity demanded of a good falls when the price of a good rises.
Demand schedule A table that shows the relationship between the price of a good and the quantity demanded.
Demand curve A graph of the relationship between the price of a good and the quantity demanded.
Normal Good A good for which, other things equal, an increase in income leads to an increase in demand.
Inferior good A good for which, other things equal, an increase in income leads to a decrease in demand.
Substitutes Two goods for which an increase in the price of one leads to an increase in the demand for the other.
Complements Two goods for which an increase in the price of one leads to a decrease in the demand for the other.
Quantity supplied The amount of a good that sellers and willing and able to sell.
Law of supply The claim that, other things equal, the quantity supplied of a good rises when the price of a good rises.
Supply schedule A table that shows the relationship between the price of a good and the quantity supplied.
Supply curve A graph of the relationship between the price of a good and the quantity supplied.
Equilibrium A situation in which the price has reached the level where quantity supplied equals quantity demanded.
Equilibrium price The price that balances quantity supplied and quantity demanded.
Equilibrium quantity The quantity supplied and the quantity demanded at the equilibrium price.
Surplus A situation in which quantity supplied is greater than quantity demanded.
Shortage A situation in which quantity demanded is greater than quantity supplied.
Law of Supply and Demand The claim that the price of any good adjusts to bring the quantity supplied and quantity demanded for that good into balance.
Created by: jessjeanarnold
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