Supply and Demand Vocabulary

the quantity of a good or service that consumers are both willing and able to buy at various prices

a list of the quantities of a good that one person will buy at various prices

a graph of the relationship between the price of a good or service and the quantity buyers are willing and able to buy

an economic law stating that as the price of a good or service increases, the quantity demanded decreases, and vice versa

an increase or decrease in quantity demanded as a result of a change in price

a product that satisfies the same basic want as another product

an increase or decrease in demand as a result of a change in factors other than price

a shift of the demand curve to the left or right

the quantity of a good or service that producers are willing and able to offer for sale at various prices

the amount of a good or service that producers are willing and able to offer for sale at a specific price