Definitions
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| Ceteris Paribus | The requirement that when analyzing the relationship between two variables - such as price and quantity demanded - other variables must be held constant.
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| Law of Demand | The rule that, holding everything else constant, when the price of a product falls, the quantity demanded of the product will increase, and when the price of a product rises, the quantity demanded of the product will decrease.
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| Law of Supply | The rule that, holding everything else constant, increases in price cause increases in the quantity supplied, and decreases in price cause decreases in the quantity supplied.
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| Competitive Market Equilibrium | Has a market equilibrium with many buyers and sellers. Only at this point is the quantity demanded equal to the quantity supplied.
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| Complements | Goods and services that are used together.
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| Demand Curve | A curve that shows the relationship between the price of a product and the quantity of the product demanded.
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| Demand Schedule | A table that shows the relationship between the price of a product and the quantity of the product demanded.
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| Demographics | The characteristics of a population with respect to age, race, and gender.
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| Income Affect | The change in the quantity demanded of a good that results from the effect of a change in the good's price on consumers' purchasing power.
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| Inferior Good | A good for which the demand increases as income falls and decreases as income rises.
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| Market Demand | The demand by all the consumers of a given good or service.
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| Market Equilibrium | Occurs where the demand curve intersects the supply curve.
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| Normal Good | A good for which the demand increases as income rises and decreases as income falls.
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| Perfectly Competitive Market | A market that meets the conditions of (1) many buyers and sellers (2) all firms selling identical products, and (3) no barriers to new firms entering the market.
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| Quantity Demanded | The amount of a good or service that a consumer is willing and able to purchase at a given price.
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| Quantity Supplied | The amount of a good or service that a firm is willing and able to supply at a given price.
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| Shortage | A situation in which the quantity demanded is greater than the quantity supplied.
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| Substitutes | Goods and services that can be used for the same purpose.
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| Substitution Affect | The change in the quantity demanded of a good that results from a change in price, making the good more or less expensive relative to other goods that are substitutes.
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| Supply Curve | A curve that shows the relationship between the price of a product and the quantity of the product supplied.
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| Surplus | A situation in which the quantity supplied is greater than the quantity demanded.
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| Technological Change | A positive or negative change in the ability of a firm to produce a given level of output with a given quantity of inputs.
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| 20 MCP |
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