Demand Supply and Market Forces Key Terms

listing of the various quantities of a particular product supplied at all possible prices in the market. (a table or chart)

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the branch of economics that studies how individuals, households, and firms make decisions to distribute limited resources, in markets where goods or services are being bought and sold.

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Amount of goods desired and able to be purchased by consumers and business.

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suppliers will normally offer more for sale at high prices and less at lower prices.

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isting of the various quantities of a particular product demanded at all possible prices in the market. (a table or chart)

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the higher the price of the product, the less the consumer will demand, n inverse relationship.

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amount of a product that would be offered for sale at all possible prices that could prevail in the market, a direct relationship.

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law of economics stating that as a person increases consumption of a product, while keeping consumption of other products constant, there is a decline in the benefit that person receives from consuming each additional unit of that product.

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amount producers bring into the market at any given price.

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graph showing the various quantities supplied at each and every price that might prevail in the market

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