APPLIED ECO

Quantity of commodity that are available in the market for purchase at particular prices

• Demand Schedule

• Demand

• Supply Schedule

• Supply

a list of quantities of a product that a buyer would purchase at different prices

• Demand Schedule

• Demand

• Supply Schedule

• Supply

a list of quantities of a product that a seller would offer for sale at different prices.

• Demand Schedule

• Demand

• Supply Schedule

• Supply

a line on a graph that illustrates a downward slope because of the inverse relationship between price and quantity

• Demand Schedule

• Demand Curve

• Supply Schedule

• Supply Curve

a line on a graph that illustrates an upward slope because of the direct relationship between price and quantity

• Demand Schedule

• Demand Curve

• Supply Schedule

• Supply Curve

states that, assuming all non-price factors are constant, as a product’s price increases, the quantity of the product decreases, and vice versa.

• Law of Demand

• Law of Supply

• Law of Demand and Supply

• Law of Curve Shifts

states that, assuming all non-price factors are constant, the quantity of a good or service that a supplier is willing to offer on the market relates directly to price.

• Law of Demand

• Law of Supply

• Law of Demand and Supply

• Law of Curve Shifts

a place in which the buyers and sellers of a product interact for the purpose of exchange

• Store

• Restaurant

• Bank

• Market

What do you call price and quantity in situation that market demands equals the supply?

• Equilibrium Price

• Equilibrium Quantity

• Equilibrium Price and Quantity

• Equilibrium Market

represented by a movement along a demand or supply curve from one price-quantity point to another.

• Change in Value Demanded and Value Supplied

• Change in Curve Demanded and Curve Supplied

• Change in Price Demanded and Price Supplied

• Change in Quantity Demanded and Quantity Supplied