Econ Chapter 1 Test Terms
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| Complementary Goods | Two goods where the increase in price leads to a decrease in demand.
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| Law of Supply | The quantity of a good supplied rises when the price of the good rises.
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| Equilibrium Quantity | The quantity supplied and the quantity demanded at the equilibrium price.
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| Law of Supply and Demand | The price of any good adjusts to bring the quantity supplied and the quantity demanded for the good into balance.
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| Quantity Demanded | The amount of a good that buyers are willing and able to purchase.
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| Demand Schedule | A table that shows the relationship between the price of a good and the quantity demanded.
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| Equilibrium Price | The price that balances the quantity supplied and the quantity demanded.
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| Quantity Supplied | The amount of a good that sellers are willing and able to sell.
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| Variables That Affect The Supply Curve | Price, Input Prices, Technology, Expectations, Number of Sellers
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| Equilibrium Point | The point where the quantity supplied equals the quantity demanded.
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| Demand Curve | A graph of the relationship between the price of a good and the quantity demanded.
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| Surplus | When the quantity supplied is greater than the quantity demanded.
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| Shortage | When the quantity demanded is greater than the quantity supplied.
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| Supply Schedule | A table that shows the relationship between the price of a good and the quantity supplied.
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| Normal Goods | A good where an increase in income leads to an increase in demand.
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| Inferior Goods | A good where an increase in income leads to a decrease in demand.
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| Substitute Goods | Two goods where the increase in price of one good leads to the increase in demand of the other good.
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| Law of Demand | The quantity demanded of a certain product falls when the price of the good rises.
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| Supply Curve | A graph of the relationship between the price of a good and the quantity supplied.
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| GDP | Consumption, Investment, Government, Net Exports
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| Major Markets | Dow, Nasdaq, S&P
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| Market | A group of buyers and sellers for a particular good or service.
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| Competitive Market | A market in which there are so many buyers and so many sellers that each has a negligible impact on the market price.
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