Econ 22 Vocab Chapter 4

A group of buyers and sellers of a particular good or service

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

The amount of a good that buyers are willing and able to purchase

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

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

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

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

A good for which, other things equal, an increase in income will lead to a decrease in demand

Two goods for which an increase in price of one leads to an increase in the demand for the other

Two goods for which an increase in the price of one leads to a decrease in the demand for the other

The amount of a good that sellers are willing and able to sell

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

A table that shoes the relationship between the price of a good and the quantity supplied

A graph of the relationship between the price of a good and the quantity supplied

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

The price that balances quantity supplied and quantity demanded

The quantity supplied and the quantity demanded at the equilibrium price

A situation in which quantity supplied is greater than quantity demanded

A situation in which quantity demanded is greater than quantity supplied

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