Demand, Supply and Market equilibrium

If the price of something goes up, people are going to buy less of it.

_________ and ________ are tools used to summarize the relationship between demand and price.

The _________ states that a higher price leads to a lower quantity demanded and that a lower price leads to a higher quantity demanded.

Amount of some good or service consumers are willing and able to purchase at each price.

What a buyer pays for a unit of the specific good or service.

The total number of units purchased at that price.

A rise in price of a good or service almost always decreases the quantity demanded of that good or service. Conversely, a fall in price will increase the _________.

A _______ is a table that shows the quantity demanded at each price.

A ________ is a graph that shows the quantity demanded at each price

Demand refers to the ______, and quantity demanded refers to a ________ on the curve.

Factors that affect demand

Demand curves relate the prices and quantities demanded assuming no other factors change.

If the price of something goes up, companies are willing (and able) to produce more of it.

The _______ states that a higher price leads to a higher quantity supplied and that a lower price leads to a lower quantity supplied.

___________ and________ are tools used to summarize the relationship between supply and price.

The amount of some good or service a producer is willing to supply at each price.

A rise in price almost always leads to an increase in the _________ of that good or service, while a fall in price will decrease the ___________.

A __________ is a table that shows the quantity supplied at each price.

A __________ is a graph that shows the quantity supplied at each price.

Supply refers to the _______, and quantity supplied refers to a __________ on the curve.

Factors that change supply

Supply curves relate prices and quantities supplied assuming no other factors change.

The actual price you see in the world is a balancing act between supply and demand.