Supply and Demand Vocabulary

Front

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

Back

Demand

Front

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

Back

demand schedule

Front

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

Back

demand curve

Front

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

Back

The Law of Demand

Front

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

Back

change in quantity demanded

Front

a product that satisfies the same basic want as another product

Back

substitute good

Front

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

Back

change in demand

Front

a shift of the demand curve to the left or right

Back

change in demand

Front

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

Back

Supply

Front

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

Back

quantity supplied