Unit 2.3 - 2.6

Front

Demand

Back

the quantity of a good or service that consumers are willing and able to buy at given prices in a particular time period.

Front

Effective demand

Back

consumer's desire to buy a good, backed up by the ability to pay

Front

Demand Schedule

Back

a table that gives the quantities demanded at a range of prices

Front

Supply Schedule

Back

a table that gives the quantities supplied at a range of prices

Front

Law of demand

Back

as the price of a good or services falls, the quantity demanded increases. and vice versa
[prices fall, demand increases]

Front

Law of supply

Back

as the price of a good or services falls, the quantity supplied decreases. and vice versa
[prices fall, demand decreases]

Front

Demand curve

Back

a graph plotting the quantities of a product demanded at a range of prices

Front

Supply curve

Back

a graph plotting the quantities of a product supplied at a range of prices

Front

Ceteris paribus

Back

all other things remaining the same

Front

Extension in demand

Back

an increase in quantity demanded as a result of a fall in price