Chapter 4 Macroeconomics

group of buyers and sellers of a particular good or service

market in which there are many buyers and sellers so that each has a negligible impact on the market price

amount of good buyers are willing and able to purchase

other things equal, the quantity demanded of a good falls when the price of the good rises

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

graph of relationship between price of a good and the quantity demanded

good for which other things equal, an increase in income leads to an increase in demand

good for which other things equal, an increase in income leads to a decrease in demand

two good which an increase in price of one leads to increase in demand for other

two goods for which an increase in price of one leads to decrease in demand for other

amount of good that sellers are willing and able to sell

other things equal, the quantity supplied of a good rises when price of good rises

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

graph of relationship between price of good and quantity supplied

situation in which market price has reached level at which quantity supplied equals quantity demanded

price that balances quantity supplied and quantity demanded

the quantity supplied and quantity demanded at equilibrium price

quantity supplied is greater that quantity demanded

quantity demanded is greater than quantity supplied

claim that price of any good adjusts to bring quantity supplied and quantity demanded for that good into balance