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Cards In This Set
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Demand
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A relationship between price and quantity demanded
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Price
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The amount of money or other goods that one must pay obtain a particular good
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Quantity Demanded
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The quantity of a god that people want to buy at a given price during a specific time period
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Demand Schedule
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A tabular presentation of demand showing the price and quantity demanded for a particular good, all else being equal
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Law of Demand
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The tendency for the quantity demanded of a good in a market to decline as its price rises
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Demand Curve
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A graph of demand showing the downward sloping relationship between price and quantity demanded
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Normal Good
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A good for which demand increases when income rises and decreases when income falls
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Inferior Good
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A good for which demand decreases when income rises and increases when income falls
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Substitute
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A good that has many of the same characteristics as, and can be used in place of, another good
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Complement
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A good that is usually consumed or used together with another good
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Supply
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A relationship between price and quantity supplied
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Quantity Supplied
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The quantity of a good that firms are willing to sell at a given price
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Supply Schedule
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Tabular presentation of supply showing the price and quantity supplied of a particular good, all else being equal
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Law of Supply
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The tendency for he quantity supplied of a good in a market to increase as its price rises
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Supply Curve
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A graph of supply showing the upward-sloping relationship between price and quantity supplied
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