Supply and Demand Vocabulary

Front

The amount of good or service that is produced.

Back

suppyl

Front

The amount of a good or service consumers want.

Back

demand

Front

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

Back

market equilibrium

Front

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

Back

quantity supplied

Front

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

Back

quantity demanded

Front

What happens when there is an increase in supply?

Back

surplus

Front

What happens when there is a decrease in supply?

Back

shortage

Front

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

Back

down

Front

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

Back

up

Front

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

Back

market equilibrium