Supply and Demand Vocabulary

The amount of good or service that is produced.

The amount of a good or service consumers want.

The price for any good or service is where quantity supplied and the quantity demanded are the same.

The amount of something that producers are willing to sell at a certain price.

The amount of something that consumers are willing to buy at a certain price.

What happens when there is an increase in supply?

What happens when there is a decrease in supply?

What happens to price when supply goes up and demand goes down?

What happens to price when supply goes down and demand stays the same?

What does the graph show? Options: market equilibrium, supply shock, surplus, shortage