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)

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.

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

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

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

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

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

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.

amount producers bring into the market at any given price.

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